Perth, 18 August 2015 –Allion Legal has committed to lease a whole office floor in the newly completed The Cloisters development in the Perth CBD.
The Cloisters on Hay project entailed the redevelopment of Cloisters Square and the construction of nine new levels of office space at 863 Hay Street.
Allion Legal has committed to lease all of Level 9, totalling 1,148sqm. The 10 year lease, commencing in November 2015, was negotiated by CBRE Office Services Director Lachlan Lewis.
“This is an example of a traditional fringe city tenant moving to the CBD. Drivers for Allion included a step up in corporate profile by moving to a new building in a CBD location and the efficiency benefits that could be derived through space planning and the building’s cutting edge technology,” Mr Lewis said.
The financial terms being offered in the CBD versus staying put in West Perth was compelling h, Mr Lewis said, with the net rent on the Allion deal being circa $615/sqm.
The Cloisters development was undertaken by the Perth Diocesan Trustees.
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About CBRE Group, Inc.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.