New York-based Morgan Stanley is reportedly planning to move to a new office in Singapore with a bigger space in response to business growth.

Morgan Stanley is in advanced discussions to occupy five floors at the upcoming IOI Central Boulevard Towers in Singapore, according to a «Bloomberg» report citing unnamed sources.

Located in the Marina Bay area, the new space will take up a little over 100,000 square feet with the ability to house about 1,000 people.

The move to a new office, which will serve as Morgan Stanley’s Southeast Asia headquarters, is a response to business growth across fixed income and wealth management, as well as an increase in technology and back office employees.