Perth, 29 June 2016 – One of Perth’s most recognisable office landmarks – the character ‘Home’ building on Murray Street - has welcomed a new tenant.
CBRE’s Lachlan Lewis negotiated the lease for the 240sqm fully restored character space at 464 Murray Street to Total Project Management/Pendragon Environmental Solutions for a two year term. The initial rental was in the $480 per square metre range, plus full outgoings.
Mr Lewis said the deal was an outstanding result, given the nil tenant downtime achieved in a challenging office environment.
“The lessor was delighted in the fact there will be no gross rent down time between one tenant moving out and the other moving in - particularly given a significant difference in the old net rent and the new due to radically different market conditions,” Mr Lewis said.
“It was also a great result for the lessee, having been able to secure a premise in the CBD within its budget and in a building and space that is highly sympathetic to its industry groups.”
Located on the corner of Murray and Milligan Street, the ‘Home’ building was recognised as the Best Adaptive Reuse project in Australia for 2010 by the Property Council of Australia.
Mr Lewis said the deal was evidence of CBRE’s long leasing association with the ‘Home’ building, with it being the third occasion the firm had leased the premises since it opened in 2010.
For Australian/international news or global stories, follow us on Twitter. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. About CBRE Group, Inc.
