Brookfield’s new Ninety One office building is almost fully leased out just over two years after construction work started on the project.

A spokesman for Brookfield, a global alternative asset management firm and one of the world’s largest infrastructure investors, said the nine-storey building was 90 per cent leased out.

Only the penthouse floor remains to be let and discussions are at “advanced” stage with an interested party.

The building, at 91 Front Street, brings 55,000 square feet of office space, as well as 3,000 square feet of retail space, on ground floor levels on Front Street and Reid Street.

Brookfield, a Toronto-headquartered firm, is housing its Bermuda subsidiaries on 2½ floors.

Beazley, the London insurer recently acquired by Zurich Insurance in a $10.1 billion deal, is another tenant to have leased space, confirmed Andrew Brent, Brookfield’s head of communications for real estate operations.

Reinsurance Group of America has also leased 8,300 square feet, while another insurer will move into a 15,000 sq ft space.

Ninety One is also the first multi-tenant building in Bermuda to achieve Leadership in Energy and Environmental Design platinum certification, a recognition of high sustainability standards.

Brian Kingston, executive chairman of Brookfield Real Estate, told The Royal Gazette: “Ninety One was designed to set a new standard for office space in Bermuda, and the strong demand for the building has validated that vision. We’re grateful to Premier David Burt and his government and all of our partners who helped make it a reality.”

David Burt, the Premier and Minister of Finance, said in a statement: “Bringing this project to life required the efforts of many partners across government, the private sector, and the construction industry.

“It created hundreds of jobs over two years, involved more than 40 Bermudian subcontractors, and has set a new standard as Bermuda’s first LEED Platinum-certified multi-tenant office building. Congratulations to Brookfield and everyone who helped bring this project to completion.”

Work to demolish the previous building at the 91 Front Street site started in January 2024 and lasted about four months, before building work on the project, formerly known as Brookfield Place, could start.

Penny MacIntyre, partner at Rego Sotheby’s International Realty and the listing agent for the building, said it was probably the quickest time a building had gone from the start of construction to people moving in.

On a tour of the building, among the most striking characteristics were the copious amount of natural light, spectacular views over Hamilton Harbour and ample outside terrace space enabled by the cascading design.

Ms MacIntyre said demand for the space that went onto the market ramped up as soon as the building began to take shape.

Market demand for prime office remains strong, despite a glut of new prime office space hitting the market at the same time, with the 135,000 sq ft Luscar Place in west Hamilton having hit the topping-out stage.

“There is demand for Class A office space from companies that are new to Bermuda and from companies who want to grow their business,” Ms MacIntyre said.

With rents and construction costs hitting record levels, supersized individual offices were out of style, as companies sought to make the best use of pockets of space, she added.

Attached to the wall of the western façade of the building, close to the lobby of Ninety One on Chancery Lane, is Main Sail & Jib, a 10.5-tonne sculpture constructed with over 100 corten steel panels, complemented by concealed LED lighting.

This artwork began conceptually as a silverpoint drawing by Bermudian artist Charles Zuill, subsequently reimagined as a large-scale wall sculpture, designed by SJD World and fabricated by Soheil Mosun Ltd.

Mr Zuill said: “I have always been captivated by the modern, by new possibilities in thought and design. Now, to have one of my small, silverpoint drawings with delicate suggestions of volume and shape, now transformed into a massive steel construction is truly mind-boggling and exciting. It’s a completely new dimension and such a rare opportunity for which I am extremely grateful.”