SM Offices signs Visa expansion lease at Four E-com Center in Pasay
SM Offices has signed a lease with Visa that will more than double the digital payments company's office space to 9,000 sqm at Four E-com Center in Pasay. Visa will relocate from Five E-com Center and establish its Philippines Solution Center at the new facility, consolidating administrative, financ
SM Offices, the office leasing arm of SM Prime Holdings, has signed an expansion lease with Visa that will more than double the digital payments company's office footprint to 9,000 square metres at the SM Mall of Asia Complex in Pasay City.
In a statement on Wednesday, SM Offices said Visa will relocate from approximately 4,000 sqm at Five E-com Center to a 9,000-sqm facility at Four E-com Center, where it has established the Visa Philippines Solution Center. The expanded facility will consolidate Visa's administrative, financial and technology operations under a 24/7 operating model.
SM Offices Head Antonio Felix L. Ortiga said large companies are increasingly looking for spaces that can bring more of their operations together while giving them the flexibility to grow over time. Visa Philippines Solution Center Site Lead Chari Dela Cruz said the E-com campus offers a strategic, well-connected location with the accessibility and amenities that make it an ideal environment for the growing team.
Four E-com Center is a Leadership in Energy and Environmental Design Gold-certified office development within the SM Mall of Asia Complex. Designed by architecture firm Arquitectonica, the development consists of three towers with an all-glass facade and an open-air sky garden on the fifth level. The building is part of the E-com campus and is connected by a bridge to SM Mall of Asia, and is also near Lanson Place.
The lease comes as the Bay Area office market continues to record elevated vacancy rates. According to Colliers Philippines, the Bay Area submarket posted an office vacancy rate of 40.6 per cent, the second-highest among Metro Manila office submarkets, driven mainly by the departure of Philippine offshore gaming operators.
SM Offices said it has maintained tenant retention and leasing activity in the area through its integrated developments, which combine offices with malls, hotels, convention centers and transport links. Outside the Bay Area, SM Offices previously reported full occupancy across its 10-tower Clark Tech Hub in Pampanga, which it attributed to demand from multinational companies and information technology-business process management firms.
