Maybank has announced that it’s moving its headquarters from Menara Maybank in Jalan Tun Perak, to the soon-to-be-completed Menara Merdeka 118.
Building owner Permodalan Nasional Berhad has confirmed a tenancy agreement of an initial term of three years and renewal for a further six terms of three years per term, which overall totals 21 years.
Group President and CEO of Maybank, Dato’ Khairussaleh Ramli said the strategic decision to relocate its head office was made following careful and robust deliberations of its future operational requirements. Key considerations included workspace requirements that support the new normal and fulfil the Bank’s sustainability ambitions.
Menara Merdeka 118 has been given MSC status and aspires to achieve Platinum Sustainability standards, this globally recognised state-of-the-art building was also chosen as it is befitting of Maybank’s global brand position and aligned to its aspiration of further strengthening its regional and global leadership added the CEO.
Dato’ Khairussaleh said that as part of the evaluation for a new head office that began in 2019, the Bank considered several options including refurbishing the 35-year old Menara Maybank, constructing a brand new head office, or renting office space from a new building that already met its future operational requirements.
As the anchor tenant of Menara Merdeka 118, Maybank has been offered naming and signage rights over the building, which will enhance its brand visibility on one of the tallest buildings in the world. Maybank will occupy 33 floors and is expected to house some 5,900 employees in this new building, which will be accessible by a dedicated entrance for the convenience of employees, customers and visitors. All existing offices within Menara Maybank will relocate to the new building on a staggered basis starting first quarter of 2025. The KL Main Branch in Menara Maybank, however, will remain and there will be no impact to customers who have accounts in this branch.
Maybank will pay an initial monthly gross rent of RM10.60 per square foot (psf) for the first six years, with subsequent adjustments for inflationary costs. The translates to an effective rental rate of RM8.92 psf, which is lower than the gross rent and within the fair market rates of RM8.48 psf and RM8.93 psf as assessed by the independent valuers. The net effective rental rate is commonly used as a measure of expected income from a tenant.
For now, Maybank’s current head office remains at Menara Maybank in Jalan Tun Perak with no change to its operations and services. The Bank will make the appropriate announcements to all its stakeholders with the relevant details of the move closer to the relocation date in 2025.
