Google to vacate “a portion” of space at FLCT’s Alexandra Technopark

FLCT, a Logistics & Commercial Trust, recently reported that Google – a major tenant at Alexandra Technopark (ATP) – will give up “a portion” of the space with effect from February 20th, 2024. This will equate to 1.7% of its gross rental income for December 2022. They have reassured their stakeholders that this development will have no impact on their distribution for the year ending September 30th, 2023.

The US internet giant began taking up 344,000 sq ft of space at the technopark under a five-year lease, as EdgeProp reported last December. Although they did not move in, leaving the area empty, Google’s employees continued to work primarily at the adjacent Mapletree Business City II, where they have leased 680,000 sq ft.

This follows a series of layoffs amongst tech companies during recent months, following the pandemic’s hiring surge.

FLCT’s manager has conveyed their intention to conduct proactive leasing initiatives and asset management strategies, making further announcements of any material developments Senja Close EC as necessary. FLCT units closed at $1.24 on February 22nd, a decrease of 0.8%.