Perth, 16 November 2015 – A tenant reshuffle has paid dividends at 221 St Georges Terrace.
The Lessor has signed new, long term leases with global oil and gas services provider Dril-Quip and national law firm Gilchrist Connell, in deals which also reduce the building’s vacancy.
CBRE Office Services Director, Lachlan Lewis, engineered the lease negotiations, which also involved a small game of musical chairs.
While both tenants were initially located on level 8 of the building, the new leases entailed moving one tenant to another floor to allow the other to expand.
“Finalising these two important leases caps off a very busy and successful leasing year at 221 St Georges Terrace,” Mr Lewis said.
“Dril-Quip was very keen to maintain its offices in the building and to do so they agreed to move into a 150sqm office on level 17 under a seven-year lease agreement. This allowed Gilchrist Connell to expand its space on level 8 from 300sqm to 500sqm under a new, five-year lease.”
Commencing face rents for both deals were circa $600 a square metre per annum net.
221 St Georges Terrace is one of two buildings that make up The Forrest Centre – a landmark office complex that is regarded as one Perth’s most prestigious business addresses.
221 St Georges Terrace comprises 30 levels of A grade+ office space, whilst the neighbouring 219 St Georges Terrace offers seven levels of fully refurbished A grade office space. The Forrest Centre has the unique amenity mix of a large tenant-only gymnasium, swimming pool, tennis court, site tenant and public parking and 2 new EOT facilities being delivered 2016.
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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 (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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 at www.cbre.com.