Big names rush in for office tower space
Major law firms and banks are setting the pace in Sydney’s leasing market with their need for new offices supporting the development of towers in the central business district and the western hub of Parramatta.
In the city, Charter Hall’s Prime Office Fund confirmed global law firm Clyde & Co as anchor tenant at its 333 George St development in Sydney’s CBD, ahead of practical completion.
Clyde & Co will take up a long-term lease over 4185sqm at 333 George, across levels 9 to 12, and will occupy level 15, featuring an outdoor terrace, as its client reception floor.
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The deal was flagged by The Australian in May. The developer has also secured retail tenancies for the National Australia Bank, HSBC and Woolworths.
Charter Hall head of office Adrian Taylor says the deal demonstrates the demand from major companies to secure space in an iconic building in the heart of Sydney’s Martin Place precinct.
Clyde & Co managing partner Australia, John Edmond, says the firm is looking forward to moving into the new prime-grade building that will span 12,500sqm of office space and three levels of retail across 2100sqm.
The NAB’s requirements for a new Sydney headquarters have already shaken up the city’s market, with the bank headed to the $1.7 billion office and retail development at Wynyard Place being developed by Brookfield.
The project’s centrepiece will be a 27-level state-of-the-art office tower at 10 Carrington St, with the bank targeting the low-rise floors and space in an overhauled Shell House.
Now property tycoon Lang Walker appears to have secured the bank’s back office to occupy a $320 million tower in the Parramatta Square precinct, known as 3 Parramatta Square, that his private group is undertaking with the council.
The bank and Walker Corp have refused to comment.
This article originally appeared on www.theaustralian.com.au/property.