Filinvest REIT Corp. (FILRT), the real estate investment trust company of Filinvest Land Inc., said Wednesday it signed a lease agreement with Gear Inc., a Singapore-based global player in business process outsourcing industry.
FILRT said in a disclosure to the stock exchange Gear would lease 1,993.10 square meters of premium office space, with an expansion option in Filinvest One Building.
Filinvest One Building is a Grade A, PEZA-accredited, EDGE Advanced-certified office building in Northgate Cyberzone in Filinvest City, Alabang, Muntinlupa.
“We are thrilled to welcome Gear to our Northgate Cyberzone Community. This lease agreement reflects our dedication to providing world-class office spaces that attract companies in the technology sector. We are grateful to Gear Inc. for its confidence that FILRT facilities will effectively support Gear’s business needs,” said FILRT president and chief executive Maricel Brion-Lirio.
This will be Gear’s first project in the Philippines. Gear, established in 2007, powers business growth with over 6,000 professionals from East, South and Southeast Asia, North and South America and EMEA (Europe, Middle East, and Africa).
It provides top-tier service to the world’s leading brands by investing in technology, people and operations. As a true growth engine, the company is committed to driving business forward.
Brion-Lirio said Filinvest One Building is tailored to support companies such as Gear Inc.’s expanding operations and strategic growth initiatives, fostering a dynamic, collaborative, and sustainable environment for its employees.
“Northgate Cyberzone buildings are exceptional in infrastructure, business continuity, and sustainability. Having visited offices across Asia, the FILRT office buildings stand out for its world-class quality, comparable to the Singapore standard,” said Gear Inc. chief operating officer Tan Seow Tien Desmond.
FILRT earlier reported plans to acquire additional assets and diversifying its tenant mix across its 17 office buildings to improve occupancy rates.
FILRT’s tenant mix consisted of multinational outsourcing firms, traditional office occupiers, co-working spaces, hospitality firms and retail tenants as of end-2023.
It ended 2023 with average occupancy rate of 83 percent across its portfolio, better than the market occupancy of 81 percent.