Melbourne, 11 December 2013 – CBRE will relocate its Melbourne headquarters to 8 Exhibition Street after signing a lease for the top one and a half floors of the landmark CBD tower.
In tandem, CBRE’s Melbourne office will shift to Activity Based Working (ABW) following the successful implementation of a similar workplace model at the firm’s 363 George Street head office in Sydney.
The Melbourne lease involves circa 2,500sqm of office space encompassing all of level 34 and half of level 33 in 8 Exhibition Street. CBRE has committed to a 10 year lease and will take occupation of the space in April 2014 following a comprehensive fit-out to be undertaken by the firm’s in-house Project Management division.
CBRE’s Senior Managing Director, Victoria, Matt Haddon said the move coincided with the continued growth and expansion of the firm’s Victorian operations.
“Following an extensive search, 8 Exhibition Street emerged as the best alternative for our business, allowing us to consolidate our two existing CBD offices in the Rialto and at 395 Collins Street,” Mr Haddon said.
“We have very much enjoyed our 10 years at Rialto, we identified clear synergies in being able to co-locate on two adjoining floors and introduce a new way of working that will lead to increased workplace creativity and flexibility. The move will also accommodate the continued growth of our business following the launch in recent times of a series of new business lines, including our expanding Agribusiness team, Structured Transactions & Advisory Services and Capital Allowances.”
Mr Haddon added; “This is a particularly exciting time for the business as the Victorian leadership transitions to Cameron Grier who will help oversee the move to 8 Exhibition Street.”
CBRE’s highly successful adoption of an ABW workplace model in Sydney was one of the driving factors behind the decision to adopt a similar working style in Melbourne with a key focus on sustainability.
Mr Grier said the Sydney move had led to a transformation in the way people worked, providing for a wide range of different work settings and far greater opportunities for collaboration.
The new office will incorporate a variety of work spaces for staff to choose including think tanks, quiet rooms, meeting rooms, a CBRE Bar (known as the CBar) for client entertaining, and a substantial staff breakout area.
“The Activity Based Workplace is a broad concept, and one on which every organisation has a differing definition,” Mr Grier said.
“We will be introducing a tailored version of the ABW model in Melbourne to suit our specific needs, supported by an enhanced technology platform, greatly enhancing the working environment for our staff.”
The Head of GPT’s Wholesale Office Fund Martin Ritchie said the Fund as co-owner of the building was pleased to have CBRE moving in, adding that it was another example of GPT’s ability to actively manage its assets to generate additional value for investors.
"We have extended and diversified the WALE, and increased the cashflow since purchasing a 50 per cent interest in April 2013. The lease to CBRE will add further value to this impressive asset,” Mr Ritchie said.
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