Maples Group announced on 19 June that it was moving its headquarters to 90 Nexus Way in Camana Bay. In a press release, Maples said it would occupy more than 70% of the 10-storey building.
Although the precise tenure of the “long-term agreement” has not been disclosed, the Maples release described it as “one of the largest commercial real estate transactions in Cayman’s history”.
“This is a big deal,” said a commercial real estate specialist who spoke on condition of anonymity. “It’s around 150,000 to 160,000 square feet of space and would be a notable transaction in London, never mind Cayman.” Indeed, a Dart spokesman later confirmed the exact size of the Maples Group lease as “more than 158,000 square feet”.
With construction and fitting-out work ongoing, Maples Group expects to move into 90 Nexus Way in the autumn of 2027.
The big move, which comes amid a wave of office construction in Cayman, demonstrates the strength of the jurisdiction’s commercial real estate market. It’s particularly notable considering that many experts predicted “the end of the office” following the COVID-19 pandemic.
“I think financial services firms have a strong business case to work in person,” said the commercial real estate specialist. “There are confidential issues that need to be worked on by teams and that’s still often easier to do in person.”
Significant for both Maples and Dart
It’s a significant shift in strategy for Maples Group, as it will mark the first time in more than two decades that the group’s Cayman-based legal outfit, Maples and Calder, and its financial services division, MaplesFS, are situated in the same building. Both divisions were brought under a unified umbrella brand, Maples Group, in early 2019.
“This marks an exciting new chapter for the Maples Group,” said Michael Richardson, managing partner of the Maples Group’s law firm, Maples and Calder. “Our new headquarters will bring our teams together in a modern environment that fosters collaboration, supports innovation and reflects the scale and ambition of our business.”
It’s also a significant moment for Camana Bay developer Dart. 90 Nexus Way is the development’s second 10-storey office building. “Welcoming the Maples Group as a cornerstone tenant is a defining moment for Camana Bay and is a powerful endorsement of our vision for the Camana Bay community,” said Mark VanDevelde, executive director and CEO of Dart.
Maples Group is the latest legal firm to move to Camana Bay. The firms Ogier, Appleby, Mourant, Bedell Cristin and Francis Grey all already have offices in the development.
Related Videos
