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Case Study: Bank Neo Commerce in Treasury Tower, Jakarta

Colliers Indonesia Office Services team successfully accommodated Bank Neo Commerce to the Treasury Tower located in Sudirman Central Business District (SCBD), Jakarta.

The Challenges

Bank Neo Commerce is a private Indonesian bank that has been successfully acquired by, a subsidiary company of Alibaba Group. Previously, the bank was called Bank Yudha Bhakti, which was later re-branded to Bank Neo Commerce (BNC).
In line with the new vision, mission and goals that BNC wanted to achieve, they decided to relocate their head office to a new office building in a prime or SCBD area, and the Treasury Tower was the most suitable building. However, accelerating the process of securing the office space at the Treasury Tower was not an easy task and required Colliers’ assistance for proper access to the landlord.
Colliers found a few challenges that needed to be addressed immediately while assisting both Bank Neo Commerce and the Treasury Tower as the landlord. Those challenges were:
• Managing both parties’ expectations. We were required to assist both parties until all terms were mutually agreed upon. The process was quite challenging as Bank Neo Commerce has been engaged with other consultants before we were connected. They have consistently failed to move forward due to miscommunication and unclear information they received from other consultants.
• Colliers had to mediate and bridge the negotiation process to find a rental agreement that suited both parties mainly because Bank Neo Commerce planned to lease the whole floor with a long-term contract.
• Due to the essential needs of both parties, there was quite a short time frame for us to secure the deal and execute the agreement.

The Strategy

We did not see the desire of Bank Neo Commerce to occupy the Treasury Tower in the SCBD area, Jakarta, as excessive. Instead, we saw it as motivation to fulfil their expectations. With that purpose in mind, Colliers Office Service team understood what strategies would be right to apply to achieve the deal. The strategies were:
• Since Colliers Indonesia has a good relationship and track record with the landlord, this gave Colliers an advantage in being able to assist Bank Neo Commerce to occupy the building of their choice in a timely manner.
• Colliers provided both parties with transparent information and supported them with appropriate data.
• Colliers educated, advised and presented detailed financial calculations and rent prices, and also provided data of the market trends to justify the most suitable solutions to both Bank Neo Commerce and the Treasury Tower landlord.
• Colliers negotiated and communicated openly and intensively with both parties so that the information obtained was constantly updated and precise.

The Result

By applying these strategies, our experts from the Office Services team successfully closed the deal with a long lease contract at Treasury Tower with terms and conditions fulfilling the requirements of both Bank Neo Commerce and the Treasury Tower landlord in a short time frame. Colliers also managed to close the transaction based on the desired rental rate during the global pandemic situation in Q3 2020.

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