Hong Kong-based real estate private equity firm Gaw Capital Partners has acquired Euro America Financial City (EFC) Tower 6, a 46-storey premium Grade A office building in the heart of the Future Sci-Tech City CBD, Hangzhou.
Designed by Foster + Partners with a LEED Gold pre-qualification, EFC Tower 6 is a 220m-tall 46-storey premium Grade A office building with a total GFA of 96,894 sqm, anchored by Alibaba Group in Hangzhou. It is part of the mega mixed-use development, EFC, which encompasses office, retail, hotel and residential buildings, created by renowned local developer, Jiangong Real Estate.
The property is located within the Alibaba ecosystem cluster, with the Alibaba Campus only one metro stop or a five-minute drive away, while enjoying door-to-door accessibility to Hangzhou West Railway Station (WIP), Hangzhou East Railway Station as well as Hangzhou International Airport via one of the two metro lines directly connected to B/1F of the Project.
As one of the world’s leading science and innovation centers, Future Sci-tech City is well placed in western Hangzhou, attracting numerous start-ups and entrepreneurs. The government has launched a series of favorable policies to encourage technology and innovation-led companies to register in this area. Notable corporates and institutions in the area include Alibaba Group, ByteDance, Vivo, Oppo, DAMO Academy and Hupan University.
“We are delighted to acquire EFC Tower 6, our first property acquisition in Hangzhou. The city is the home of e-commerce and tech giants such as Alibaba, NetEase, Pinduoduo and HIK Vision, among others, which makes it a microcosm of China’s new economy. We believe that Hangzhou has strong economic foundations with great potential to grow further as an increasing number of talented professionals and companies choose the city as their home,” said Humbert Pang, Managing Principal and Head of China for Gaw Capital Partners.
“I am particularly pleased to see a substantial portion of space has been pre-leased to AliCloud, one of the top and fastest growing cloud service providers in China and Asia. In addition, the clustering effect of Alibaba’s ecosystem and high-tech institutions in the neighborhood will further help boost office demand. Gaw Capital remains positive on quality assets enjoying the upside generated from the flourish development of the new economy, despite the global economic slowdown and the COVID-19 pandemic lockdowns,” added Pang.