This article is from the Australian Property Journal archive
MAJOR law firms DLA Piper and Allens have committed to Dexus’ $2.5 billion Waterfront Brisbane project, taking the first of the project’s dual towers to more than half-full – four years out from completion – amid the office market’s ongoing flight to quality.
DLA Piper and Allens’ leases span more than 7,000 sqm, and will see the firms join Deloitte, Minter Ellison, Gadens and Colliers in the north tower, which is now 52% committed.
DLA Piper has pre-committed to 2,250 sqn of office space across level 35 and level 36, while Allens, has pre-committed to 4,800 sqm across levels 39, 40 and 41.
Groundworks kicked off at the city-shaping project in July, after more than 7,600 tonnes of material were cleared from the site. Eagle Street Pier has been dismantled and the project will see the 30-year-old the Eagle Street Pier restaurant complex also make way for two new office buildings of 55 and 42 storeys, as well as riverfront dining and retail, including at Naldham House, a new wider riverwalk and improved links between the river and the city streets.
“Leasing success at Waterfront Brisbane demonstrates the continued demand for high-quality sustainable workspaces,” said Andy Collins, executive general manager, office at Dexus.
Sophie Devitt, Brisbane managing partner, DLA Piper said, “We’re excited to secure this premier location for our employees and clients.
“We were impressed with the project’s sustainability credentials and state-of-the-art facilities and technology. We’re confident these premises will meet our future business needs, while prioritising the well-being of our people.”
Desire for an improved human experience is driving tenants towards prime grade office assets. New JLL data shows Brisbane CBD net absorption was essentially flat in the quarter – but the prime sector saw 32,900 sqm of net absorption, and prime vacancy fell into single-digit territory for the first time since the end of 2019.
Waterfront Brisbane is co-owned by Dexus and Dexus Wholesale Property Fund. It is due for completion in 2028.
“Brisbane has a decade of opportunity in the lead up to the Brisbane 2032 Olympic and Paralympic Games, with projects like Waterfront Brisbane unlocking investment and creating jobs for years to come,” Collins said.
