This article is from the Australian Property Journal archive
ING Direct is relocating its headquarters to 60 Margaret St Sydney, owned by Mirvac and MTAA Superannuation Fund.
ING Direct will relocate from 140 Sussex St after signing a 10-year lease over approximately 10,030 sqm and will occupy levels 25-31 at 60 Margaret St.
Mirvac currently occupies the majority of this space but it will make way for ING Direct when the group relocates its head office to 200 George St later this year.
As part of the deal, the space will be reconfigured to suit ING’s unique needs.
Following this latest deal approximately 50% or 20,000 sqm of office space at 60 Margaret St has now been leased over the past 12 months. Commitments have been made from a range of tenants including OzForex, Serco, Injury Treatment, Treysta, RXP, HP Corp and expansions completed with Sonic Health, Nous Group and Pinnacle.
ING’s commitment takes the building to 98% leased, increasing the weighted average lease expiry to over five years from two years at 30 June 2015.
Mirvac’s group executive, office, Andrew Butler, said the lease demonstrate the quality of the building in attracting new tenants.
“The team has achieved outstanding leasing success over the past year, taking the building from an 18% vacancy rate to an almost fully leased position and de-risking a further 24% of future lease expiry. The improved occupancy rate is further supported by a solid lease expiry profile across broad business sectors including banking and finance, accounting, technology, professional and medical services,” he added.
60 Margaret St is a 36-storey office building located above the MetCentre and direct covered access available to Wynyard Station.
The current upgrade of Wynyard Station and completion of the Light Rail will further increase accessibility,
Australian Property Journal
