Citibank was looking for a tenant to sublease the space until 2012, when its head lease expires. It is believed the Liberals will pay about $370 a square metre net and will keep Citibank’s fitout.
Sources describe the Liberal Party’s move to the building as "curious", with one suggesting the office space may become "a war room" for the upcoming election.
The term "war room" comes from a documentary following the primary and presidential strategies of President Bill Clinton, then Governor Clinton, in 1992, when he was campaigning for the US presidency.
A move to 120 Collins Street will put the Liberal Party in close contact with several influential organisations that are tenants. They include the Future Fund, the Australian Securities and Investments Commission, and the Business Council of Australia.