A fund managed by TE Capital Partners and a fund managed by LaSalle Investment Management have announced their joint venture company, Dragon Peak Pte Ltd., has completed the acquisition of 140 Cecil St., a 17-story office building also known as PIL Building that is located on an 1,815-square-meter (19,539-square-foot) site within Singapore’s CBD.
The property is in a highly sought-after prime CBD location with excellent connectivity to public transportation, including four major train stations situated within three to eight minutes’ walk. The property is at the confluence of Cecil Street and the Telok Ayer heritage precinct, famed for its food and beverage offerings among beautifully designed conserved shophouses. Office occupants will enjoy seamless accessibility and amenities within the area. The joint venture plans to redevelop the property into a grade A office building featuring Green Mark Platinum Certification, a high floor to ceiling height of 4.9 meters (16 feet)
