Sun Hung Kai Properties, the city's second-largest developer after Cheung Kong Holdings Ltd. (0001.HK) by market capitalization, said in a statement Morgan Stanley will lease 10 floors, or 357,000 square feet, of the 118-story International Commerce Centre near the harbor front. It didn't disclose the terms of the lease agreement. "Relocating to the ICC is a good strategic move for us," said Hans Schuettler, Morgan Stanley's Asia chief executive. "We have had positive experience in being among the first banks that moved into newly developing business locations, such as mid town New York and Canary Wharf in London." The move will allow the bank to have its staff in Hong Kong work inside the same building, he said. The U.S. investment bank currently has offices in four commercial buildings in Central. Property consultants said Morgan Stanley's decision to relocate was likely influenced by soaring office rents.