Jubilee Holdings plans to sell its office in Nairobi’s central business district in a deal expected to raise about Sh2 billion as the insurer completes its transition to a larger, modernised headquarters in Upper Hill.
The decision comes nearly a year after the insurer moved to its new regional headquarters along Kilimanjaro Avenue in Nairobi’s Upper Hill.
“We want to release the town office. It is our asset and we have an option to rent it out, but the yields are not particularly brilliant for town office space. Therefore, if we get a buyer, the intention is to sell the property,” said Jubilee chairman Zul Abdul in an interview.
“We are already talking to some parties. We will be eyeing around Sh2 billion, which we believe is the current market value for a property of such calibre in town.”
Jubilee closed 2024 with land and buildings with a net book value of Sh2.12 billion, according to information in its annual report.
The building to be disposed of is Jubilee Insurance House, an eight-storey structure that sits along Wabera Street. The property is a large office complex next to Nairobi City Hall and comprises four wings with various office spaces starting from 220 square feet, making it suitable for both small, medium and large enterprises.
Many businesses have been moving their offices out of the CBD, suppressing yields on city centre office investments. The corporate migration from Nairobi’s CBD has been partly linked to the search for modern, spacious offices. The allure for Upper Hill and Westlands has continued to grow, making them popular locations for banks, insurers and audit firms.
Jubilee Insurance’s headquarters on Kilimanjaro Avenue, Nairobi Upper Hill, February 27, 2026.
Photo credit: Wilfred Nyangaresi | Nation Media Group
Jubilee acquired the Upper Hill office from Coca-Cola at a cost of Sh1.1 billion and carried out extensive renovations, including the addition of an extra floor and other buildings to increase office space and create new functional areas.
The premises, billed as the “green headquarters” sit on 3.24 acres. Coca-Cola sold the building after relocating to Lavington in search of larger space.
Jubilee renovated the building to reduce energy and water use. The premises is powered with a 280 kilowatt-peak (kWp) solar photovoltaic system, providing all the electricity needed during the day including solar water heating for the gym showers.
The workspaces comprise four office floors, a customer service centre and an auditorium with a capacity of up to 400 people. Each floor is equipped with a formal boardroom, several meeting rooms, informal breakout areas and a mother’s room. The office spaces can comfortably accommodate up to 650 employees.
The premises also includes the J-Hub, a modern IT facility designed to encourage creativity and collaboration. The hub features brainstorming areas, ideation rooms, focus pods, a sunken auditorium, several modern meeting rooms, a coffee bar and external working areas for staff. The centre houses various teams, including those working in data analytics and robotics.
