Moelis rents top floors at premium Sydney office

Brookfield Place Sydney is due for completion next month.

Moelis Australia has committed to the top three storeys of a premium grade office nearing completion in Sydney.

The ASX listed financial services group has rented 3800 square metres at Brookfield Place Sydney.

The seven year agreement starts next February.

Allianz, Brookfield, Hub and National Australia Bank, the other major occupiers, are set to move in from next month.

Moelis was represented by Savills’ Kath Moss.

The tenant has committed to part of level 25 and the two floors above that.

It will leave 1 Farrer Place, a quarter share which GPT recently sold Lendlease for $584.6m.

In December law firm Corrs Chambers Westgarth signed a 15,000 sqm lease at Quay Quarter Tower being developed by AMP Capital Diversified Property Fund with AMP Capital Wholesale Office Fund.

The Property Council of Australia’s latest Office Market Report put Sydney CBD vacancy at 8.6 per cent.

A year earlier it was 3.5pc (story continues below).

Tower nearly full: landlord

“In searching for our next Sydney headquarters, we were focused on finding a state-of-the-art building that demonstrated our desire to provide a market-leading level of amenity and well-being to our people,” joint chief executive officer Julian Biggins said.

Brookfield Properties’ executive vice president and co-head, Carl Schibrowski said following the deal, 92pc of the tower, above Wynyard station, is full.

“While COVID has impacted some economic activity, we continue to see good demand for high quality space right across Australia,” he added.

The office tower, which will go by the address of 10 Carrington Street, contains 59,000 sqm.

The project will also restore Shell House at 285 George St.

It will contain 7000 sqm of retail too.

As part of the plan, Wynyard train station’s entrance will be widened and connected to a concourse while Wynyard Lane will be revitalised.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco