Multinational IT corporation Wipro is set to open a second Sydney office after striking a lease deal in the Parramatta CBD.
CBRE’s Ben Lalic and Stephen Panagiotopoulos negotiated the transaction on behalf of MHPHA Marsden Street Pty Limited, with Tim McEnallay, Director of VennCap Real Estate, as the Australian representative for the overseas based building owner.
Wipro will take the whole 948sqm fifth floor at 87 Marsden Street, Parramatta, committing to a five-year lease term at a rental of $515 per sqm net, setting a record for B-grade rent for the Parramatta CBD office market.
VennCap Director, Tim McEnallay, confirmed that the international landlord was pleased with the lease deal, and that the commercial building at 87 Marsden St, Parramatta, was now at full occupancy.
Mr Lalic commented; “The building’s prime location in the Parramatta CBD and the offering of a private balcony overlooking the future Parramatta Square development were highly appealing to Wipro, securing a strong result.”
“A very pleasing outcome for our client. It reinforces the continued growth and confidence in the Parramatta business district from local and international businesses and investors, and 87 Marsden Street is well positioned for future vacancies as building improvements have already been scheduled, ensuring the premises will be as appealing as possible when future space becomes available,” Mr Lalic said.
Mr Lalic added that given the current tight vacancies in the Parramatta commercial district, 87 Marsden Street would be an attractive option for other businesses seeking quality office space when the State Government progressively vacates its remaining floors over the following eight months.
The ground floor foyer will be undergoing a major refurbishment and end of trip facilities are being constructed over the coming months.
CBRE’s Ben Lalic and Stephen Panagiotopoulos negotiated the transaction on behalf of MHPHA Marsden Street Pty Limited, with Tim McEnallay, Director of VennCap Real Estate, as the Australian representative for the overseas based building owner.
Wipro will take the whole 948sqm fifth floor at 87 Marsden Street, Parramatta, committing to a five-year lease term at a rental of $515 per sqm net, setting a record for B-grade rent for the Parramatta CBD office market.
VennCap Director, Tim McEnallay, confirmed that the international landlord was pleased with the lease deal, and that the commercial building at 87 Marsden St, Parramatta, was now at full occupancy.
Mr Lalic commented; “The building’s prime location in the Parramatta CBD and the offering of a private balcony overlooking the future Parramatta Square development were highly appealing to Wipro, securing a strong result.”
“A very pleasing outcome for our client. It reinforces the continued growth and confidence in the Parramatta business district from local and international businesses and investors, and 87 Marsden Street is well positioned for future vacancies as building improvements have already been scheduled, ensuring the premises will be as appealing as possible when future space becomes available,” Mr Lalic said.
Mr Lalic added that given the current tight vacancies in the Parramatta commercial district, 87 Marsden Street would be an attractive option for other businesses seeking quality office space when the State Government progressively vacates its remaining floors over the following eight months.
The ground floor foyer will be undergoing a major refurbishment and end of trip facilities are being constructed over the coming months.
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About CBRE Group, Inc.
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.
About CBRE Group, Inc.
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.
