Bamboo Airways Tower has officially changed its name to The West, the first public announcement for the property following its acquisition by Gateway Hanoi.

After its introduction in 2021, Gateway Hanoi acquired the property in October 2022, rebranding the property, upgrading service quality, and improving the functionality and infrastructure.

Located in Hanoi’s Cau Giay district, the building has 38 levels with offices and a commercial center. The office leasing area spans 25,000 sq m and the retail area 15,000 sq m. Spaces are designed to meet the diverse needs of businesses, retailers, and entertainment providers.

The West targets domestic and international business tenants in the rapidly developing western reaches of Hanoi.

A representative from Gateway Hanoi said that through its rebranding strategy and important partner encounter program, Gateway Hanoi aims to increase the competitive advantage of The West, enhance the tenant experience, and continue to attract more domestic and international businesses.

New office building tenants in 2023 included OCB Bank, Café Révi, and MPT Fitness, and in the near future it will expand its long-term customer base.

Previously, to cover its debts, the FLC Group transferred ownership of the 265 Cau Giay building to OCB Bank in 2020.

At the end of June 2022, FLC issued a resolution approving FLC and FLCHomes’ purchase of the 265 Cau Giay building from OCB. After that, FLC and FLCHomes decided to sell the building to Gateway Hanoi for VND2 trillion ($83 million). It was also the headquarters of FLC Group and FLC Faros.

According to a Savills’ report, since 2019, Grade A and B office supply in Hanoi has increased an average of 4 per cent a year and Grade C by 1 per cent. Its western reaches provide the largest floor area, with a 41 per cent market share, or 875,840 sq m of floor space.

From now to 2026, it is expected that 15 new projects will provide more than 389,770 sq m of office space, and Grade A office space will account for 86 per cent of future supply.

“We forecast demand growth from tenants in the energy and electricity, manufacturing, and consulting industries,” said Ms. Hoang Nguyet Minh, Senior Director, Commercial Leasing Department, at Savills Hanoi. “European, Japanese, and Singaporean businesses are actively looking for environmentally-friendly office projects. This will be a good sign for projects securing green certification.”