New office under way

Mourant Ozannes signs on as anchor tenant at Camana Bay

Another large Class A office building in Camana Bay is under way and the law firm Mourant Ozannes will become the anchor tenant.

In a ceremonial ground breaking last week, Mourant’s Managing Partner Neal Lomax said the firm’s commitment to this project demonstrated its continued confidence in the future of Cayman as one of the world’s leading international financial centres.

“[I]n the last 18 months, much negative comment and misinformation has been disseminated about Cayman,” he said.

“One example of this, which you may remember, appeared in the Financial Times in July last year. Mark Fleming of Tiburon Partners was quoted as saying: ‘The Caymans will wither on the vine. … If I was a Cayman lawyer with more than three or four years of career expectation, I would wonder what I’m going to do with the rest of my working life.’

“Well, I do – sadly – have more than three or four years of working life ahead of me. So do all of my Cayman partners.

“However, clearly we are not contemplating an alternative career path in a different jurisdiction.

“On the contrary, we have ambitious plans for the development of our Cayman office.”

Mourant will occupy the fourth and fifth floors of the five-storey, 68,000-square-foot building on the northern end of Camana Bay’s inner harbour. The ground floor will offer restaurant and retail space.

Dart Realty’s Managing Director Jim Lammers said having Mourant as the anchor tenant was one of the key reasons the project is proceeding.

“We are thrilled they are joining the dozens of best-in-class firms, businesses and retailers that together make our Town Centre a vibrant location for business, shopping and relaxation,” he said.

Gov. Duncan Taylor, who only arrived in the Cayman Islands after Camana Bay had opened, spoke during the ground breaking ceremony about the importance of Camana Bay to the Island.

“It’s hard to imagine Grand Cayman without Camana Bay,” he said. “It’s such a landmark.”

Premier McKeeva Bush said he was very pleased to see the commitment in the Cayman Islands by Mourant and the Dart Group.

“It demonstrates the consistent confidence in Camana Bay in attracting the best of the best,” he said. “Mourant moving into more space tells me I should feel very happy; expansion means more people.”

Mr. Bush praised the Dart Group for “putting your money where your mouth is”, and he pledged continuing support.

“No country as small as we are can develop, can succeed, without having the right partnerships,” he said, adding that like any good marriage, there must be give and take in the relationship.

“No one should question why we should support Camana Bay.”

LOCALnewprojectSTORY

Gov. Duncan Taylor, centre, and Premier McKeeva Bush, right, with representatives of Dart Realty, anchor tenant Mourant Ozannes and MLAs.
Photo: Michael Klein
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