PSE to rent out old Makati digs

The Philippine Stock Exchange (PSE) is set to launch its own realty company in early 2020 as it completes the renovation of its old headquarters at Ayala Triangle Gardens’ Tower One along Ayala Avenue, Makati.

By February next year, 1,400 square meters of office space would be added to the property, bringing the gross leasable area to 4,600 sqm, PSE president Ramon Monzon said in a recent interview.

After leaving the Makati premises to relocate to its new headquarters in Bonifacio Global City (BGC) in Taguig, the PSE spent close to P100 million to renovate the property, which used to have a large high-ceiling space for its trading floor, alongside the old office space and the broker’s lounge.

Additional office space was created to maximize the space in this premier office address at the Makati central business district.

“I hope to get P50 million to P60 million in [office rental revenues from this property] a year,” Monzon said.

At end-2018 or after its relocation to BGC, PSE got approval from its board to incorporate a real estate company called PSE Realty Inc., which would own and manage its real estate assets. The realty firm will have a capitalization of P1 billion, of which P701.8 million will be subscribed and paid-up.This new realty company will be incorporated in 2020. By January, Monzon said the PSE would start looking for office tenants. INQ