This article is from the Australian Property Journal archive
WESTPAC is set to sign a new long-term lease to stay at 275 Kent St in the Sydney CBD, owned by Mirvac and Blackstone Real Estate Asia.
Westpac is finalising a new 12-year lease deal commencing in November 2018 following the expiry of its current lease and extending the bank’s commitment as majority tenant of the tower until 2030.
The deal will expand Westpac`s footprint in Sydney, having already committed to lease 70% of floor space or 60,000 sqm in Lend Lease`s Barangaroo development.
The lease renewal at 275 Kent St and the Barangaroo office will allow the bank to consolidate its accommodation from nine sites across Sydney’s CBD.
Westpac Place comprises two connected towers providing approximately 74,000 sqm of commercial office space, 2,030 sqm of service and retail areas and 864 car parking spaces.
CEO and managing director Susan Lloyd-Hurwitz said as part of the agreement, Mirvac will utilise its in-house development and asset management expertise to deliver further enhancements to the premium grade asset.
“Demonstrating our commitment to valuing our customers, we have worked closely with Westpac over a number of months to ensure we have provided them with a world-class workplace solution.
“The enhanced building will incorporate a number of features that strengthen Westpac’s ‘One Team’ approach, and will allow them to work efficiently and effectively into the future. Further, these upgrades will reaffirm the tower as one of the premier workplaces in Sydney’s CBD,” she added.
The centrepiece of the redevelopment includes a new ground floor with a revitalised retail offering, as well as an upgrade of the lobby to benefit from the soon-to-be-opened Wynyard Walk pedestrian connection.
Mirvac sold a 50% stake in 275 Kent St to Blackstone last year for $435 million.
The group acquired the prized asset in 2010 for $485.3 million as part of its billion dollar takeover of Westpac Office Trust.
Australian Property Journal
