This article is from the Australian Property Journal archive
ONE of Brisbane’s handful of available large contiguous office spaces has been snapped up by third-party claims administrator Gallagher Bassett, which is relocating their CBD office to 144 Edward Street after signing an eight-year lease over 2,307 sqm of space.
Kyle Cully and Simon Petrie of Colliers handled the negotiations on behalf of Precision Group of Companies.
Gallagher Bassett will move from 179 Turbot Street into levels 14, 15 and 16 of the 21-storey building in the middle of this year after completing a new fit-out.
Cully said the firm wanted to be closer to the city’s Golden Triangle precinct and have better brand exposure through building signage rights.
“Having a staircase between each floor enables better connectivity and their business to operate more efficiently,” he said.
Petrie said this deal marks another sizeable tranche of contiguous space in the CBD market that was filled quickly, highlighting the competitiveness of this sector.
He said there is a lack of high quality contiguous office space of more than 2,000 sqm, spurring on a lot of tenant enquiry and movement.
There are just two premium-grade assets in the Brisbane CBD offering tenancies of this size.
“Most the available contiguous space is located outside of the Golden Triangle, so amenity and connectivity will be essential for owners to consider when thinking about how they’ll attract and retain these tenants.”
There is currently about 2,000 sqm of space available for lease across levels 4, 5 and 6.
The tower’s lobby and lifts were recently renovated and upgraded to meet the Property Council’s A-grade standard.
Australian Property Journal
