English Schools Foundation (ESF) has acquired two whole floor offices at 12/F and 13/F of Island Place Tower in North Point, with JLL serving as their sole buying agent. This  acquisition is intended for ESF's own use, reflecting the organisation's commitment to long-term development  in Hong Kong.  

The two office floors comprise a total gross area of 40,380 sq. ft. and have been vacated. ESF plans to  relocate from its current leased office in Quarry Bay to Island Place Tower this year. 

Island Place Tower at 510 King's Road, situated close to the heart of North Point's business district with 5- minute walk from North Point MTR station, comprises a total gross area of 515,000 sq ft. The building is  developed and managed by Swire Properties, which is one of the few quality Grade A office buildings in the  area.  

Belinda Greer, Chief Executive of ESF, said: “We are pleased to have purchased office space in North  Point. This will become the new home for ESF’s head office later this year. The move makes financial sense  given the current market conditions. However, this is about much more than dollars and cents,” 

“Purchasing our own office is a clear demonstration of our commitment to Hong Kong and its people. We are born and bred in Hong Kong and our roots in this city already run deep. Taking this step will make them even  stronger.” 

Oscar Chan, Head of Capital Markets at JLL in Hong Kong, said: "The recent decline in capital values of Grade A offices to attractive levels has fuelled increased end-user activity, particularly from universities and  other educational institutions seeking premises for their own use. ESF's acquisition of two office floors for its own use further underscores the sustained demand for prime office space. Continued end-user demand,  especially from the education sector, is expected to drive transactions in the office market this year."