This article is from the Australian Property Journal archive
AGL Energy has signed up for 10-years at Quintessential’s iconic tower at 100 King William Street in the Adelaide CBD.
AGL is relocating from its Eastwood location to takeover 3,000sqm across levels 2 and 3 of the tower, which accounts for almost 18% of the 17,000sqm building.
“We are pleased to be able to enter an agreement to provide our people with new facilities that promote and enable innovation and team collaboration while also incorporating sustainable solutions to reduce our footprint,” said Gary Brown, CFO at AGL.
“AGL has a long history in South Australia, including with the development of the recently launched 250 MW Torrens Island grid scale battery, and it’s great to be able to renew our commitment to the State.”
AGL joins long-term occupiers DW Tucker Fox and CBA, who has recently agreed on a new 10-year term on a prime retail space as part of the refurbished ground floor.
AGL will claim the exclusive signage naming rights for building, transforming what was previously the Commonwealth Bank Building.
“AGL’s decision to move their Adelaide office to 100 King William Street speaks to the continued flight to quality and location thematic, which we are seeing across the commercial office sector locally and across the country,” said Noah Warren, head of Quintessential Assets.
AGL and Quintessential’s ESG principles also align, with the $30 million refurbishment works being undertaken at the building set to bring it up to a 4.5 Star NABERS Base Building Energy rating.
“We understand the elements of a commercial office solution, within and around the building, are important for staff retention and ability to attract talent back to the office,” added Warren.
“It is critical to consider how a building’s users interact with the space to create activation successfully. Quintessential demonstrates this understanding at 100 King William Street by adding new food and beverage offerings, amenities, third spaces and end-of-trip facilities to facilitate a thriving, social neighbourhood centre.”
James Young and Tim Farley from Colliers negotiated the deal.
“This move will see AGL transition from their current location at 226 Greenhill Road in Eastwood to a centralised CBD location. 100 King William Street shall provide a more efficient premises design with fantastic initiatives within the base building to improve overall user experience and inclusiveness,” said Farley, national director of occupier services at Quintessential.
“With flexible meeting spaces, business lounges, cafes and premium end of trip facilities, the building will provide significant benefits on a number of metrics to AGL’s team. Further, AGL has secured naming and signage rights to the building.”
“The CBD location shall take advantage of superior public transport accessibility, together with fantastic end of trip facilities that shall promote a healthy alternative commute opportunity for the team.”
The refurbishment works at 100 King William Street are already underway and expected to reach practical completion in July 2024.
