State Street, JP Morgan, Pre-Commit to New Sydney CBD Offices

State Street will relocate from two office locations including the uber luxurious Aurora Place, and 383 Pitt Street by the end of this year, the AFR reports.

It will occupy levels 10 to 17 of the new building, paying an approximate $650 per square metre to occupy its 800 employees. Incentives (which can include rent free periods, or a contribution to fit-out costs) are around 30 per cent. State Street has the option to lease two further floors in the new building. Jones Lang LaSalle negotiated this lease.

JP Morgan meanwhile will relocate from Grosvenor lace and 259 George Street. It is speculated to be paying about $800 per square metre, with incentives at about 25 per cent. Colliers International and DTZ acted for Westfield, while Grant Samuel acted for JP Morgan.

Fortius chief executive Ray Sproats expects the deals to increase leasing momentum in the Sydney CBD.

“I have been in this leasing market long enough to know when the sentiment has turned. The sentiment has turned.”

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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