Redhill Partners and Apollo Group’s decision to speculatively fit out the vacant 13 per cent of a Perth CBD office acquired last November from the Buckeridge family is paying off – with a cyber security group committing to the 13th level.
Cyber CX has signed a six year deal for 919 square metres at 28 The Esplanade – a 20-storey building known as the BGC Centre.
It will pay starting annual net rent of $550 per sqm.
CBRE’s James Phelan said since the tenancy hit the market four weeks ago, several prospective tenants showed an interest.
The agent might be campaigning parts of the 15,263 office for a while; when his clients acquired it – the weighted average lease expiry was a short 2.3 years.
First full floor lease at BGC in 15 years: agent
Prior to the Cyber CX deal, the last full-floor commitment at 28 The Esplanade was more than 15 years ago, Mr Phelan said (story continues below).
Redhill Partners, a specialist fund manager from Singapore, and Apollo, a US private equity group, are speculatively renovating other unoccupied offices within their asset.
They also intend to refurbish the entrance foyer.
Opposite Elizabeth Quay, the building is designed with ground floor retail and a three level, 179 bay car park.
Known as the Griffiths Centre when it was developed in 1982, 28 The Esplanade was for decades owned and occupied by the development company of Len Buckeridge, who died in 2014.
Other assets sold by his family in recent years include the Aloft Hotel and 25 Rowe office in Rivervale, which traded for $100m to another Singaporean investor, Hiap Hoe, and Westin Perth, which exchanged for $200m, to Malaysia’s YTL Group.