Sydney, 28 July 2014 – Fuel and lubricant services firm Petrofin International has leased a B-Grade office asset in Sydney’s CBD to accommodate its growing Australian operations.
CBRE’s Jamie King negotiated the leasing of the 495sqm 14th level property at 189 Kent Street on behalf of lessor AIHL Properties Australia.
Corporate Relocations, who are the client’s national property representative, handled the negotiations on behalf of Petrofin, with their main brief being to accommodate all staff on one level for a commercially competitive rental. The benefits of being close to Barrangaroo were also a key factor in the decision making process for the client.
Petrofin committed to a seven-year term on the property for an initial rental of $485 gross per square metre.
Mr King said location was a key factor behind the deal.
“Petrofin was attracted to the building’s central position in the CBD, as well as the building’s recent refurbishment, which included upgrades to the lobby and lifts,” Mr King said.
“Flexibility with the incentive structure also contributed to the successful conclusion of negotiations.”
For Australian/international news or global stories, follow us on Twitter.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.