This article is from the Australian Property Journal archive
INVESTA's decision to refurbish 120 Collins St Melbourne during tough times has paid off, with the office tower benefiting significantly from the current leasing recovery.
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In the last 12 months, joint owners Investa Commercial Property Fund (ICPF) and Investa Property Trust (IPT), have leased over 15,400 sqm of space, equating to 25% of the building area.
The new tenants including online betting agency CrownBet, real estate investment companies Qualitas, Property Partners and Centuria Capital, investment bank Moelis & Company, and the Royal Bank of Canada.
A number of existing tenants have also re-committed including the Future Fund, US-based executive search firm Korn Ferry, Standard & Poor’s, Canadian bank BMO Financial Group and Australia’s BlueScope Steel.
The building is also home to Rio Tinto, Citigroup and Morgan Stanley.
The building`s general manager Claire Clark said the decision to commit to a significant capital works program in a subdued leasing environment a number of years ago has delivered substantial leasing results for the owners.
“As part of the refurbishment project, the building’s plant was modernised, a new building management system was installed, along with new ozone friendly and energy efficient chillers, and a full lift refurbishment is underway and due to be completed in 2016. Significant environmental benefits are expected to follow through improved NABERS ratings from the building upgrade.
“Over the last 12 months, 120 Collins St has proven itself to be one of the most highly sought-after, premium destinations for both Australian and international businesses,” she added.
Investa`s commercial development & leasing group executive Michael Cook said with only a limited amount of space uncommitted and leasing markets continuing to strengthen, the group is finalising leasing efforts to achieve full occupancy over the coming months.
“Investa’s success at 120 Collins St is further evidence of our leasing successes across Melbourne. With 567 Collins St recently reaching practical completion, Investa has created premium bookends in Collins St providing our customers with locational choice within the finest office facilities in Melbourne,” Cook said.
Australian Property Journal
