Megaworld to build P3-B regional headquarters for New York-listed FactSet

MANILA, Philippines – Andrew Tan-led property developer Megaworld Corporation announced it will build an office tower to serve as the regional corporate headquarters for US-based listed firm FactSet.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, October 2, Megaworld said it closed the deal to build the P3-billion, 17-story FactSet Tower in its McKinley West township in Bonifacio Global City.

The tower, which will offer 48,000 square meters (sqm) of office space along Le Grand Avenue in McKinley West, is set to be completed by 2020.

"We are enthusiastic about this long-term lease deal which we closed in New York weeks ago. FactSet's expansive presence, which will be headquartered in McKinley West, demonstrates its continued confidence in the country's growing economy," said Megaworld senior vice president Jericho Go in a statement.

A global provider of integrated financial information, analytics, and services, FactSet has offices in 21 different locations and employs 8,500 people.

The New York-based firm is listed both on the New York Stock Exchange (NYSE) and the Nasdaq under FDS. It had a market capitalization of $7.12 billion as of August 2016.

"FactSet is delighted to expand our presence in the Philippines with this exciting milestone. The very skilled, talented, creative, and hardworking FactSetters in our Manila facilities are instrumental to helping FactSet achieve our mission to solve our clients' greatest challenges through the power of collaboration," said FactSet chief executive officer Philip Snow.

Megaworld also noted that the FactSet Tower will be built according to Leadership in Energy and Environmental Design (LEED) standards developed by the US Green Building Council.

"We are really committed to building more LEED-certified office towers. We want to make our developments more sustainable. We are closely working with FactSet to finalize its requirements," Go said.

Megaworld's net income jumped by 11% to P6.69 billion in the 1st half of the year, driven mainly by revenue from its office and mall leasing operations. – Rappler.com