US trading firm Susquehanna International Group has signed a lease for nearly 52,000 square feet of office space at Cheung Kong Center II in Hong Kong’s Central business district, giving CK Asset Holdings another major financial tenant as demand for prime offices shows signs of recovery.
CK Asset confirmed on Thursday that Susquehanna will occupy three floors of the 41 storey tower, which stands at 10 Harcourt Road overlooking Victoria Harbour. The developer said the building has attracted international financial institutions, multinational companies, businesses from mainland China and overseas, and family offices, with its available office space now close to fully leased.
The agreement marks the completion of a deal first reported earlier this month, when sources said Susquehanna was considering taking several floors at the newly developed tower as part of a major expansion of its Hong Kong operations.
Susquehanna Expands Its Hong Kong Footprint
The lease represents a substantial increase in office space for Susquehanna, a Philadelphia based trading company that has been expanding its presence in Asia.
Reuters reported earlier this month that the firm planned to roughly triple its Hong Kong office footprint from less than 20,000 square feet as it prepared for an aggressive hiring programme. At the time, sources familiar with the company's plans said Susquehanna was looking at several locations in Central, including Cheung Kong Center II.
The company currently operates from AIA Central on Connaught Road Central. Its move to the building in 2021 followed an earlier departure from Three Garden Road, also in Central.
The new premises will provide considerably more room for employees as Susquehanna expands its operations. Earlier reports indicated that the company's recruitment drive was linked to its plans to strengthen its presence in Hong Kong and gain better access to opportunities connected with China's rapidly expanding exchange traded fund market and other asset classes.
Susquehanna did not publicly comment on the expansion plans when the earlier reports emerged. CK Asset has now confirmed the lease.
A Major Tenant for Cheung Kong Center II
The agreement is also significant for CK Asset, which has been working to fill Cheung Kong Center II since the tower was completed in 2024.
The building was developed on the former site of Hutchison House and forms part of CK Asset's prime office portfolio. The tower has approximately 560,000 square feet of total leasable area and sits close to Central MTR station.
Market reports have put the space leased by Susquehanna at 51,762 square feet, or about 4,808 square metres. The three floors are understood to account for roughly one tenth of the building's total leasable office area.
The leasing progress is notable because Cheung Kong Center II entered the market during a difficult period for Hong Kong's commercial property sector. Office demand had weakened after the pandemic as companies reduced their footprints, adopted hybrid working arrangements and reassessed real estate costs.
The tower has since recorded a steady increase in occupancy.
Reports earlier this year put occupancy at around 60 per cent, while the latest Susquehanna agreement has been estimated to lift the figure to about 70 per cent. The precise occupancy figure was reported by market sources and was not included in CK Asset's Thursday confirmation, which said the available space was close to being fully leased.
Central Leads Office Market Recovery
Susquehanna's expansion comes as Hong Kong's Central district records improving office leasing conditions.
Colliers data cited in recent market reports showed Central's office vacancy rate falling to about 10 per cent in August, compared with 14.5 per cent a year earlier. The improvement has been supported by demand from financial institutions, asset managers, wealth management companies and other firms that place a premium on being close to the city's financial infrastructure.
Alex Lam, executive director and head of Hong Kong Island for office services at Colliers, said Central continued to attract financial and professional services companies because of its concentration of capital markets activity and related businesses.
The latest lease adds Susquehanna to a growing group of financial and trading firms taking substantial amounts of space in the district.
Jane Street, another major trading company, agreed in 2025 to lease more than 223,000 square feet across six floors at Central Yards, according to market reports. Qube Research & Trading later leased about 140,000 square feet across six floors at the IFC complex. These transactions have provided a significant source of demand for high grade office buildings in the city's traditional financial centre.
Trading Firms Look Beyond Traditional Finance
The expansion by Susquehanna also reflects the growing importance of technology driven trading firms in Hong Kong's office market.
Susquehanna operates as a quantitative trading and market making firm, with businesses spanning equities, options, exchange traded funds and other financial products. Its expansion plans are closely connected to its broader Asia strategy.
Sources cited by Reuters said the company was looking at opportunities in China's fast growing ETF market and other asset classes as it sought to support its global business. China had 1,381 onshore listed ETFs in 2025, with assets reaching more than 6 trillion yuan, according to the Reuters report.
Hong Kong provides an established financial centre from which international firms can serve regional markets while maintaining access to China's financial ecosystem.
For Susquehanna, additional office space also creates room for recruitment. The company has been advertising positions in Hong Kong as it builds its regional operations, with hiring expected to cover a range of technical and financial roles.
That expansion could increase demand not only for office floors but also for specialised talent in quantitative research, software development, trading, compliance and other areas supporting electronic markets.
CK Asset Positions Tower for Financial Tenants
Cheung Kong Center II was completed in 2024 and is positioned as a premium grade A office building in Central.
Its location near Central MTR station gives tenants direct access to one of Hong Kong's main transport hubs, while the building's harbour facing position provides extensive views across Victoria Harbour. CK Asset says the tower incorporates technology and building management features designed around the needs of office users.
The property has also received several green building certifications, including LEED Platinum and provisional Platinum ratings under Hong Kong's BEAM Plus system, according to CK Asset's corporate disclosures.
For a developer seeking large corporate tenants, securing an international trading firm such as Susquehanna provides another indication of the type of companies willing to commit substantial office space in Central.
The transaction also gives the building a tenant with a business model that depends heavily on technology, connectivity and access to financial markets.
Pressure on Hong Kong's Wider Office Market Remains
The improvement in Central does not mean that Hong Kong's entire office market has recovered at the same pace.
Recent market data indicate that demand remains uneven across districts. Central and Admiralty have benefited from stronger demand from financial firms, while decentralised office areas continue to face pressure from limited leasing activity. Colliers has forecast stronger rental performance in Central and Admiralty while expecting rents in Kowloon East to remain under pressure this year.
That divide makes the Susquehanna agreement particularly relevant.
The deal involves a large amount of space in one of Hong Kong's most expensive and established business districts at a time when companies elsewhere in the city continue to scrutinise office costs.
For CK Asset, the challenge now shifts from finding tenants for Cheung Kong Center II to completing the remaining leasing programme. The developer said the tower has recently seen active leasing from financial institutions, multinational companies, mainland Chinese and international businesses and family offices.
A New Test for Hong Kong's Prime Offices
The Susquehanna agreement provides another data point in the changing pattern of Hong Kong office demand.
Large technology driven trading firms are expanding while international financial companies continue to seek space in Central. At the same time, businesses in other parts of the city remain more cautious about office commitments.
Susquehanna's move will therefore be watched beyond the immediate property transaction. Its planned expansion and recruitment will show whether financial and trading firms are prepared to make longer term commitments to Hong Kong as activity in China's capital markets grows.
For CK Asset, nearly 52,000 square feet of additional leasing at Cheung Kong Center II brings another major occupier into the building and pushes the project further towards full occupancy.
For Hong Kong's office market, the more important question is whether deals of this scale become part of a sustained return of financial firms to larger Central offices. Will the next wave of technology driven financial companies follow Susquehanna and expand their Hong Kong footprints?