In 2010, Alibaba Group began looking for land in Beijing to build a high-quality office tower and consolidate multiple offices. The international e-commerce company sought a property of 50,000 to 60,000 square meters, with convenient transportation and suitable amenities for a high-tech workforce. The challenge was significant, given the limited supply of office space for large occupiers in Beijing.
Solution & Outcome
In 2013, Alibaba appointed CBRE to accelerate the search. CBRE quickly identified three submarkets that met Alibaba’s goals for a strategic investment, and ultimately focused on Wangjing in northeast Beijing. A hub for technology firms, Wangjing offered relatively affordable land, convenient transportation, proximity to the airport and favorable incentive policies. With deep knowledge of local market dynamics, CBRE sourced Building #3 of the Beijing Greenland Center, working with owner Greenland Group to negotiate price, contract clauses and close the pre-construction sale transaction in just three months.