Nairobi’s highest building, the UAP Old Mutual Tower, has officially opened its doors for business after construction that took over a five-year period at an estimated cost of Sh5 billion.
At 163 metres high and an altitude of 5,700 feet above sea level, the 33-storey tower located in Nairobi’s fast-growing Upper Hill commercial district, towers over buildings that define Nairobi’s skyline.
UAP Old Mutual Group Managing Director in charge of asset management Patricia Kiwanuka on Monday said about 50 per cent of the office space in the skyscraper had already been sold, while negotiations with other interested tenants to fill the remaining office space were going on.
A LOT OF INTEREST
“We are receiving a lot of interest from various parties, especially multinationals,” said Ms Kiwanuka. Among tenants who have already signed up for space are several unnamed blue chip multinationals as well as two banks, Ms Kiwanuka added.
The tower has put up for lease 300,000 square foot of Grade A office space and 25,000 sq ft of retail space at rents of between Sh120 and Sh180 per sq ft. When fully occupied, the total office space will generate an estimated monthly rental income of about Sh50 million.
The minimum office space offering has been capped at ,000 sq ft.
The building will host a gym, a cafeteria, pharmacy, dry cleaner, a salon, barber shop, as well as a convenience store. The development will also have a conference facility.
While dismissing reports of office space oversupply in Upper Hill, Ms Kiwanuka said many interested parties were looking for half a floor, a floor or two.
HIGH SPEED LIFTS
The tower built on two-and-a-half acres is served by eight high speed lifts and has 800 parking bays.
“The combination of prime location and sheer height means tenants have a unique unobstructed vantage point from which to enjoy panoramic views,” said UAP Old Mutual Head of Properties and Facilities Simon Mungai.
Letting agents for the development include Knight Frank, Broll, Axis and Regent.