The inclusion of Class A office space for lease in a new multi-storey building planned for Hamilton has been welcomed by a leading commercial realtor.

Penny MacIntyre, a partner at Rego Sotheby’s International Realty and commercial real estate specialist, said: “It will be very important because we don’t have anything new in the pipeline for Class A space.

“We are very lean on Class A and A-plus inventory and we have companies looking to be in Bermuda and existing companies expanding or opening up new divisions — and all those parties are looking for Class A-plus or Class A space.”

Class A properties are defined in part by their location in Hamilton’s central business district. They are also modern, have abundant natural light and high ceilings, are open plan, and are window-lined with views, particularly of Hamilton Harbour. A-plus spaces are inclusive of parking on site or near by, and may have outdoor space.

Ms MacIntyre said: “Reinsurance companies, insurers and hedge fund companies are looking for high-end space given the nature of their business and the clientele they entertain.”

She was speaking after the announcement that the multi-national organisation Brookfield plans to build a Class A commercial office building with supporting ground floor retail at 91 Front Street in Hamilton.

The space was formerly occupied, in part, by Café Cairo and The Dog House.

The footprint of the new building will extend from Front Street to Reid Street along Chancery Lane.

Brookfield Place Bermuda will house the global headquarters for Brookfield Reinsurance and each of Brookfield’s Bermuda-domiciled listed affiliates: Brookfield Property Partners, Brookfield Infrastructure Partners, Brookfield Renewable Partners and Brookfield Business Partners.

It will also provide space for corporate and commercial tenants looking to lease international-calibre office space in Hamilton, Brookfield said.

With the exception of 141 Front Street, the development of Class A office space has in recent times been limited to the other end of Front Street — where the Green family redeveloped the former Bank of Bermuda building and named it Point House — and a variety of properties on Pitts Bay Road in Pembroke, just outside the city’s borders.

Ms MacIntyre said the new building “reinvigorates the Front Street corridor beyond the flagpole heading east”.

The building at 91 Front Street is now completely vacant.

Brookfield has hired the architectural firm Botelho Wood for the “knock down-rebuild” project.

Construction is expected to start in 2024, with completion targeted by year end 2025.