In another major win for 45 St Georges Terrace, the office tower’s major occupier, Spacecubed, has finalised a new lease to cement itself as the building’s long term, cornerstone tenant.
The coworking space provider has expanding its existing footprint in the building by 100% after signing a 15-year lease on more than 2,000sqm over two levels.
CBRE’s Lachlan Lewis negotiated the transaction, with a commencing gross rental in the vicinity of $625 per square metre and a market level incentive.
Spacecubed is retaining 500sqm of its existing premises on ground floor, taking over the whole of level four and the balance of the ground floor. The additional ground floor area is currently leased, with Spacecubed taking the space in late 2018 when the current tenant lease expires.
Mr Lewis said the expanded Spacecubed lease at 45 St Georges Terrace was a significant milestone and huge endorsement for the building.
“Spacecubed was a great fit for the ground floor given the nature of its operations. Previously occupying the level nine penthouse space in the building, Spacecubed’s vacancy from this unique, self-contained suite will no doubt attract strong interest and re-lease in a short period,” Mr Lewis said.
The transaction is the second positive win for 45 St Georges terrace following the long-term renewal of Amcom over 1,100sqm earlier in 2017.
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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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
