Dexus lifts 360 Collins to almost full occupancy

DESPITE the pandemic and the current office market climate, 360 Collins Street in Melbourne’s CBD has reached 99% occupation.

360 Collins Street is owned by Dexus Wholesale Property Fund and offers tenants fitted suites with amenities including end-of-trip facilities, a wellness centre and access to Dexus Place.

Dexus has transacted 11 leasing deals in the six months ending 30 June 2021, spanning a combined total of 4,327sqm, with all leases commencing in the 2021 calendar year and a weighted average lease term of 4.2 years.

Of these transactions, seven leases represented tenancies from new customers.

These deals were negotiated by Dexus’s director of office leasing, Adam Davy and Colliers manager of office leasing, Alissa Woods.

“The recent lockdown had interrupted but not derailed the broader economic recovery, and although the momentum was impacted, we are already seeing confidence returning as these successful transactions demonstrate,” said Patrick Stronell, general manager, office leasing at Dexus, Victoria.

Some of the most significant leasing deals in this period included the reaching of a heads of agreement with a multi-national business, expanding their tenancy by 605sqm to 894sqm.

In addition to renewing a lease for American Express across 844sqm, securing PAC Partners as a tenant across 473sqm, securing ALIC across 359sqm and securing CEVO across 350sqm.

Down the road at 101 Collins Street, the commitment of several new major tenants to the office building, also suggests an emerging recovery in the city’s office market.

While in Perth, Dexus recently paid nearly $339 million to buy a 49% interest in a trust that owns the city’s Capital Square Tower.

While after a undertaking a $320 million takeover agreement for ASX-listed APN in may, shareholders have overwhelmingly approved the Dexus buyout that would will give Australia’s largest office landlord a funds management portfolio of $23.9 billion.