19 June 2014 - Banking giant’s outlay for a Wheelock-developed site is the city’s biggest single office transaction. Local newspapers including the SCMP and HKET reported that US banking group Citi will spend HK$5.42 billion on a new building in East Kowloon that will become the hub for its 4,500 staff scattered around the city.

 

The deal eclipsed the mark set by Agricultural Bank of China with its HK$4.88 billion purchase of 50 Connaught Road Central in 2012. The Citi building is being constructed by Wheelock Properties and the whole block of Grade A office space is to be named One Bay East – East Tower. It is expected to be completed in 2015, with 21 floors and a total gross floor area of 512,000 sq. ft., the lender said yesterday.