DB RREEF Signs Rio Tinto For Brisbane Office Building at 123 Albert Street

DB RREEF today announced that global mining group Rio Tinto has signed on as the major tenant for  its new premium office development, 123 Albert Street, Brisbane, QLD.

DB RREEF Chief Executive Officer, Victor Hoog Antink, said: “We look forward to partnering with Rio Tinto and providing them with a state-of-the art, fully integrated workspace that meets our collective objectives for workspace quality and sustainability performance.

This development will further showcase DB RREEF’s capabilities as a leading owner, manager and developer of sustainable properties.”

Rio Tinto will move into the premium grade, 31-level tower upon completion in late 2010, having signed a 10 year lease to occupy approximately 25,000 square metres of the 38,000 Net Lettable Area.

123 Albert Street has been designed to achieve a world’s best practice 6 Star Green Star rating
and a 5 star Australian Building Greenhouse Rating.

Rio Tinto Alcan’s President and CEO - Bauxite and Alumina, Steve Hodgson and Rio Tinto Coal Australia’s managing director, Hubie van Dalsen said, “This new Brisbane Rio Tinto office will bring all of our people together and make it easier to work effectively and efficiently, to share information and ideas and to attract new people to our business.”

Following recent development approval from Brisbane City council, DB RREEF also confirmed today that Laing O’Rourke has been contracted to deliver the building, including the fully integrated fit-out of the Rio Tinto premises. Laing O’Rourke, with operations in Australia and overseas, is one of the world’s leading construction companies.

The development, located in the heart of the city, includes 23 levels of office space, 8 levels of car parking space (5 above ground), associated retail outlets and a through site pedestrian walkway connecting Albert, Charlotte and Elizabeth streets.

Demolition of the existing car park will commence today, with construction expected to complete in late 2010.

The development has a cost on completion of $350 million, which will be funded using DB RREEF
Trust’s existing funding lines.

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