Perth, 19 August 2014- A major building upgrade by the owner of 200 St Georges Terrace is paying dividends as two high profile tenants sign lease renewals.
Consulting engineers, Norman Disney & Young has renewed and increased their premises to 1,590sqm on a 10 year lease. Residential land developer, Peet Ltd has renewed their premises of 1,590sqm on a 10 year lease.
CBRE Office Service Director Lachlan Lewis said it was a great result for the landmark office tower, highlighting the positive outcomes that could be achieved by proactive landlords, despite the current challenging market conditions.
The A-grade QBE House, constructed in 1971, is owned by Perth Diocesan Trustee (PDT) and asset managed by Hamish Beck of Beck Advisory. Beck Advisory was established in 2000 and serves clients with all aspects related to strategic property management, property funds management, construction management and independent advisory to the public, private, institutional and health sectors.
“Over the past two years Beck Advisory has developed and managed the strategy for 200 St Georges Terrace to reposition it at the forefront of the Perth office market,” Mr Lewis said.
“The Lessors commitment to the upgrade, refurbishment and repositioning of the building and arcade were key drivers of the two tenants decision to stay. These works are also being very well received by the prospect tenants we are showing through the small amount of vacancy the building presently has”
Major works currently underway include;
Re-alignment of the Cloisters Arcade to seamlessly connect St Georges Terrace to Murray street via Shafto lane;
Rolling out newly refurbished lobbies and washrooms to present ‘like new’;
Demolition of the St Georges Terrace ground floor building lobby to reconfigure and upgrade to A+ grade building standard and profile;
Construction of additional major end-of-trip amenity to complement the existing amenities, which are also being upgraded and refurbished.
The end result of the entire project will deliver a new 11,000sqm office building on Hay Street, directly linked to a repositioned 200 St Georges Terrace and Cloisters arcade as an A- grade office building with direct access to high end tenant amenity.
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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 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.