A proactive fitout strategy and highly effective refurbishment drive AMP Capitals leasing success
A proactive fitout strategy and highly effective refurbishment drive AMP Capital's leasing success
| 9 October 2019
AMP Capital’s 140 St Georges Terrace office tower has emerged as Perth’s 2019 leasing success story following a series of new deals.
Dampier Bunbury Natural Gas Pipeline (2,200sqm) and AngloGold (2,110sqm) have both committed to two whole floors each in the building on long terms leases.
They join other new tenants such as Downer (1,014 sqm), Veridian Advisory (697.1 sqm) and Talent International (282.3 sqm), reducing the 29,929sqm tower’s vacancy rate to just 0.7% - down from 30% at the start of 2019.
“Deals with 12 new building tenants totalling 8,899sqm have transformed 140 St Georges Terrace in 2019,” Mr Denny said. “No other Perth office building comes close to the success at 140 St Georges Terrace in 2019.”
“The location of the building coupled with the quality of the recent refurbishment have been key to this year’s leasing success. The ground floor lobby refurbishment has been particularly effective, providing an active and highly functional area through the strategic use of both small and large informal meeting room tables and a variety of seating choices.”
A speculative fitout strategy has been another driver of leasing activity, with AMP Capital undertaking a proactive, rolling program of new and upgraded fitouts.
“This ensured real momentum and resulted in tenants competing for the limited spaces remaining in recent months,” Mr Denny said.
CBRE’s Mr Bray noted that the flexibility of the building’s floor plates had been another driving factor.
“The square full floors of 1,100 sqm with a central core are not only highly efficient but provide natural light on all four sides,” Mr Bray said.
“Splitting the floors to suit tenants’ exact requirements was also easily achieved.”
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.