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CornerStone building proves a Grade A business milestone


Despite being put into operation in March 2013, a period characterised by a downturn in the real estate and competitive office for lease market, CornerStone so far has achieved a more than 50 per cent occupancy rate.

Investors VIBank-NGT hailed the results, claiming it compared favourably to similar Grade A buildings in the city which boasted average occupancy of 8,000 to 10,000 square metres.

Located at 16 Phan Chu Trinh, Hoan Kiem district, CornerStone provides modern but unique premium office space for lease just a stone’s throw away from the Ministry of Finance, the State Bank of Vietnam and legendary Sofitel Metropole Hotel.

The building is also ideally located for easy access to West Lake, Ciputra and transport links to Noi Bai International Airport.

The building is currently home to a wealth of leading firms, including the Sumitomo Corporation, Ernst & Young Vietnam, VIB, VietLottery, Wells Fargo Bank, Wilmar, Gras Savoye Willis and Nagase.

It is also a popular location for several embassies. A VIBank-NGT representative said it was quite challenging to provide space to embassies because they asked for very high and unique requirements which were appropriate to their customs and culture, in addition to security concerns.

VIBank-NGT insists that the secret to the building’s success was the friendly approach to tenants and visitors.

The 14-storey, 26,000 square-metre building was designed by French architects Archipel and Australia’s DWP in a French colonial period style.

CornerStone, in addition to its good location and friendly services, has also outperformed expectations as it is the only building in Hanoi’s central area which can currently offer large 1,000 to 2,000 square-metre rentals to single tenants.

Its intelligent design permits floors to be divided into 16 different configurations, providing the ultimate in flexible office space arrangement.

Companies requiring more intimate facilities can rent as little as 20 squares metres for more private offices.

CornerStone also boasts a 900 square metre lobby - a unique atrium to host events and activities and a dramatic three-storey show-piece spiral staircase. The building has also upgraded its façade and now promotes the names of its tenants.

Hanoi’s office for lease market has proved increasingly competitive as CBRE Vietnam reported that vacant office space in the first quarter of 2014 accounted for more than 30 per cent of the total 1.6 million square metres available. The market is likely to become even more cut-throat as the total office space by 2016 is set to double in the capital.

The central business district witnessed significant changes in vacant office stock, with Grade A office space jumping from 5 per cent to 24 per cent partially due to the completion of the CornerStone Building. Based on its prime location and building quality, CBRE expects strong demand for the CornerStone building over the course of this year.


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