A major leasing deal at the historic office known as the money box will result in additional levels being added to the centre of Sydney’s banking district.
London based law firm Ashurst is reportedly in advanced negotiations for 16,000 square metres at 5 Martin Place (pictured, right), once occupied by the Commonwealth Bank.
The asset is co-owned by the Commonwealth Property Office Fund (CPA) and industry super fund Cbus.
The addition of nine additional levels in the Sydney CBD is expected to take about 30 months to complete.
Ashurst is currently in Grosvenor Pl; it is understood the firm doesn’t have an option to renew beyond its 2015 lease expiry.
In recent years major banks have quit Martin Pl, Sydney, in favour of more spacious accommodation in neighbouring streets.
Earlier this year however Macquarie Group announced it would relocate its headquarters within the street – to #48 from #1.