This article is from the Australian Property Journal archive
MAJOR law firms have re-emerged in the Melbourne CBD looking for office space after putting their expansion plans on hold during the GFC, according to Colliers International.
Office leasing director Andrew Beasley said during the GFC some firms were forced to put sublease space on the market following retrenchments.
“However based on current activity it would appear they are re-filling this space and taking on more,” he added.
Recently, HWL Ebsworth leased 5,000 sqm at 530 Collins Street, consolidating its operations at 570 and 600 Bourke Street into one building in a deal negotiated by Beasley.
HWL Ebsworth managing partner Juan Martinez said the firm was looking for a single office space to bring their two Melbourne offices together, a legacy following the merger of HWL (Home Wilkinson Lowry) and Ebsworth&Ebsworth two years ago.
“We worked closely with Colliers International and GPT, looking at a number of properties that provided the location and space we needed to fit the criteria,” Martinez said.
Meanwhile HWL Ebsworth’s 1,471 sqm space at 600 Bourke Street was backfilled by legal firm tenant Holman Fenwick Willan, who is a sitting tenant in the building and took the space for expansion.
In other deals, Barristers’ Chambers Limited has taken an additional floor at 140 William Street, in a deal negotiated by Colliers office leasing director Tony Landrigan.
Holding Redlich has committed to 121 William Street, where additional floors are being built to provide them with 7,000 sqm and Mills Oakley has leased 3,500 sqm at 530 Collins Street.
In addition, several tier one and two firms are still in the market for new space, seeking a total area of around 4,000 sqm, including Freehills which is in the market for 14,000 sqm and currently short listing pre-commitment options or considering staying at 1010 Collins Street.
Beasley said legal tenants are generally committed to staying within Melbourne CBD’s established legal precinct, seeking efficient floors with good natural light and preferably a central core.
Australian Property Journal
