Mastercard bunkers down at St Leonards
Singapore listed UOL Group Limited has renewed the anchor tenant to a St Leonards office bought seven years ago.
Following a search, Mastercard has leased 7227 square metres – 64 per cent – of 72 Christie Street, for its local headquarters.
As part of the deal, the landlord will renovate the space.
The building occupies 2815 sqm with 222 car parks.
Colliers’ James Brock and Michael Arcus with Cadigal’s Marcus Pratley and Lucy Connery were the agents.
It is one of suburban Sydney’s largest office lease deals in the past 12 months, they said.
Cushman & Wakefield acted for Mastercard.
St Leonards is about five kilometres north west of Sydney’s CBD.
Late last year we reported Revelop bought the strata titled Mall 88 at 88 Christie St, St Leonards, for c$80m.
Another Christie Street deal
UOL paid Proprium Partners $154.5m for 72 Christie St in late 2018; Mastercard had just signed a 10 year lease (continues below).
Campus style, the building has large floorplates – up to 1562 sqm, with balconies (view, image, top).
“The repositioning will transform the building’s ground floor and shared amenities to meet evolving workplace requirements and enhance the overall tenant experience,” Mr Brock said.
“This transaction…demonstrates the continued strength of demand for high quality suburban office environments,” according to the executive.
“Mastercard undertook a thorough market search before recommitting and this outcome reflects UOL Group’s commitment to invest in a meaningful reposition,” he added.
“The upgrade program will include a premium third-space offering with bookable meeting rooms, end of trip facilities to support active commuting and employee wellbeing and a complete lift upgrade to enhance building performance and tenant experience.
“Occupiers are becoming increasingly selective about their workplace requirements with a strong focus on amenity, wellbeing and long-term adaptability”.
Mr Arcus said “this deal represents a major vote of confidence in the St Leonards office market and reinforces the ability of well-located, future-focused assets to attract global occupiers”.
UOL manages real estate worth over $20 billion, in Asia, Europe and Oceania.
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