Reasons for Developing the Asset
Businesses were converting residential spaces to commercial use and so we recognized that there was a market to develop fit-for-purpose commercial office spaces.
The development also coincided with a time when international companies were looking to Nigeria as an investment destination and required well-appointed office spaces.
ACA’s prior experience in office development was leveraged to ensure that the asset was developed and completed within budget. We had developed Mansard Place, a grade A office building, prior to developing Cornerstone Tower. We sought to create value by partnering with Cornerstone Insurance Plc, a co-investor and anchor tenant.
Over 500 jobs were created in the course of the project. In addition to creating jobs, the use of local and foreign construction companies provided a platform for knowledge and skills transfer.
The development is resource efficient and was the first commercial building to achieve EDGE certification in Lagos, Nigeria.