NAB signs year’s biggest office lease deal
National Australia Bank has signed the country’s biggest office lease deal this year, renewing at its Docklands headquarters, held by Mirvac.
The deal covers 63,000 square metres – all of 700 Bourke Street (pictured, top).
The commitment is until 2038 when it will be presented with another option.
The deal comes four months since we reported Central Queensland University leased the entire ex-Bendigo Bank headquarters – 8300 sqm – at 120 Harbour Esplanade, Docklands.
In June, Cromwell renewed the Bureau of Meteorology to 10,000 sqm at 700 Collins St – Docklands’ first office, completed in 2004 but since renovated.
Another Docklands lease deal
NAB has occupied 700 Bourk St since it was completed in 2013.
“With Mirvac’s support, we’ll progressively refresh our workplace and amenities to ensure a contemporary, sustainable environment while reaffirming NAB’s long-term presence in Docklands,” NAB chief procurement officer, Bob Pusanik, said.
The office is held by the $6 billion Mirvac Wholesale Office Fund.
“This renewal is a strong endorsement of both the Southern Cross precinct and the quality of our office portfolio,” Mirvac fund manager, Kit Georgeous, said.
“It represents one of the most significant leasing transactions in the Australian market this year, reinforcing the confidence major occupiers have in our assets and the strength of our relationships,” he added.
“Importantly, this agreement provides long term income security and supports strong, sustainable returns for our investors,” according to the executive.
“We will [now] deliver a comprehensive refurbishment to secure 700 Bourke St remains a modern, sustainable and technology-rich workplace that supports NAB’s people and future growth”.
With the deal, NAB is MWOF’s biggest tenant client.
Subscribe to our newsletter at the bottom of this page.
