Hong Kong tycoon Lee Shau Kee’s Henderson Land Development Co. has signed Audemars Piguet Holding SA to be the latest occupant of its upcoming skyscraper, as building owners compete for tenants during an office market slump.
The Swiss luxury watch maker will take one floor spanning about 12,000 square feet (1,115 square meters) in The Henderson. It joins auction house Christie’s, Carlyle Group Inc. and Canada Pension Plan Investment Board among the early tenants of the Zaha Hadid-designed tower in Central.
The addition of Audemars Piguet, along with a lease with an international art gallery, will increase The Henderson’s occupancy rate toward 50%, well ahead of schedule, according to the developer.
The building’s design of energy efficiency and attention to the environment “aligns perfectly with our own sustainability goals and reinforces our decision to partner with them,” Peggy Hu, Greater China chief executive officer at Audemars Piguet, said in a statement.
Hong Kong’s office vacancy rate is at an all-time high and supply is set to surge in the coming years. Commercial landlords are fighting for tenants as companies trim costs amid a weak economy. Features like sustainability certifications and wellness facilities are becoming prerequisites, especially for global companies, which often have mandates to rent green buildings.
“During our meetings with potential tenants, we have noticed that the majority place great emphasis on carbon neutrality, health and well-being, as well as effective waste management” of the offices, Henderson Land said in the statement.
