101 Collins secures new tenants

101 Collins street in Melbourne is still a coveted office space, as several major occupiers have signed on to the building, suggesting an emerging recovery in the office market.

The occupiers include both new and renewing tenants, with the largest on board, Canaccord Genuity, who will occupy the entire 1,572sqm 42^nd floor of the building on a 10 year lease commencing early 2022.

“101 Collins Street is the premier building in the premier location in the Melbourne CBD. It is pleasing to see building management’s continued commitment to tenant experience – the recent upgrade to amenities are the best on offer which I know our staff will fully embrace when we move in,” said Marcus Freeman, Canaccord CEO.

The floor is currently occupied by Herbert Smith Freehills, who are set to vacate the space shortly.

The US-based private equity firm, The Riverside Company, has also signed up for a new lease, with its Australian arm moving into 374sqm of level 21 on a 5-year term.

Multiple tenants have shown their confidence in the space by renewing their leases amidst or in between lockdowns, including law firm Gilbert + Tobin, Cisco and JP Morgan.

“These deals represent commitments to nearly 11,000sqm of space and are a clear demonstration of corporate Australia’s ongoing commitment to the office,” said Peter Calwell, general manager of 101 Collins.

Gilbert + Tobin extended their office space across levels 24 and 25 for a combined total of 3,484sqm of floor space.

“We’re proud of the new space. It provides an open, collaborative environment for our people with stronger technological and event capabilities and enhanced training and development options – to support our successful and growing Melbourne practice,” said Simon Muys, partner at Gilbert + Tobin.

IT and networking company, Cisco renewed their tenancy term for 5 years, beginning in October, for 2,288sqm across levels 11 and 14.

While JP Morgan has renewed their lease on part of level 31 from November of 2021.

“Throughout all of our conversations with 101 occupiers in 2021 there’s a clear theme, we’re hearing that business leaders are keen to foster fit-for-purpose spaces where their teams can be brought together for training, mentoring, maintaining of culture,” added Calwell.

Recovery in Melbourne and Sydney’s office sector was recently reaffirmed as both markets recorded positive net absorption in the June quarter, though lockdowns are likely to continue to delay occupier decisions.

101 Collins achieved a 6 Star NABERS Indoor Environment Rating, whilst working to improve the occupier experience over 2020, while also adding new amenities and creating a contactless delivery lounge.