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The Industrial and Commercial Bank of China (1398) is looking to lease over 10 floors at CK Asset's (1113) new skyscraper in Central at an estimated rent of up to HK$90 per square foot, according to a report.

The lease at Cheung Kong Center II would include 200,000 square feet of office space as well as 6,000 sq ft of retail space that can be used as a bank branch, the Hong Kong Economic Times reported.

The deal has not been finalized yet, it said.

Leasing activity at Cheung Kong Center II has been muted amid a lackluster office market and companies relocating from Central to areas like East Kowloon.

In light of the market situation, the rental rate is estimated to be in the range of HK$80 to HK$90 per sq ft.

Wholly owned by CK Asset, Cheung Kong Center II is being built on the site of the former Hutchison House. When completed this year, the 41-story tower will offer a total space of 550,000 sq ft.

Annabel Lo, a senior research officer at Midland IC&I, said the reported negotiations between ICBC and CK Asset appears to be an outlier in light of the substantial space involved.

The last major deal involving office space was reached a year ago with asset management firm CPPIB reportedly leasing 28,000 sq ft in the nearby Henderson building at HK$130 per sq ft

Cushman & Wakefield declined to comment, saying the project is subject to a confidentiality policy.

ICBC eyes offices in CK tower