Tange Associates launched the 209-meter (688-foot) One Raffles Place Tower 2 yesterday in Singapore's CBD. Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam, officiated the grand opening of the 38-story tower.

"The Tange Associates-designed Tower 2 takes its place next to the iconic Tower 1, designed by Kenzo Tange and formerly known as Overseas Union Bank Centre," according to the project's press release. Tower 1 was completed in 1986 and was the tallest building outside of the United States at the time. It is still one of the tallest buildings in Singapore.

Find a list of Singapore's tallest building here.

Tower 2 was designed by Japanese architect Paul Noritaka Tange, whose father, Professor Kenzo Tange, designed the first tower and UOB Plaza.

"The opening of Tower 2 reflects the confidence property developers see in Singapore's economy and the important role Raffles Place plays in our commercial center," Mr. Shanmugaratnam said at the opening ceremony.

The commercial tower is made up of 360,000 square feet of office space.

Tower 2's lobby features the architect/artist collaborative installation of a waterfall. The work consists of water flowing over porcelain panels painted with a waterfall by Japanese artist Hiroshi Senju. The development also features art pieces from artists in the United Kingdom, Singapore, Japan and Italy.