TAL Leases 10,500 Sq m in Sydney CBD

THE life insurer formerly known as Tower, and now, TAL, will relocate across from Sydney’s north to the CBD after committing to lease 10,500 square metres at 363 George Street, near Martin Place.

TAL will leave Milsons Point and Albert Street which it has called home for 40 years. The move will bring together the company’s 850 staff – including some currently located at another Martin Place office.

It’s new George Street office will spread across 12 levels. It fills part of 60,000 square metres being vacated by the Commonwealth Bank (which is moving to the Darling Quarter).

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Law Firm Ashurst Leases Sydney CBD Office Space

A MAJOR leasing deal for an historic office building known as the “money box” may result in additional levels being added at the centre of Sydney’s banking district.

International law firm Ashurst is reportedly in advanced negotiations for 16,000 square metres of space at the 5 Martin Place office building (pictured, right), once occupied by the Commonwealth Bank.

The $450 million development 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 2 ½ years to complete, according to the AFR which reported the Ashurst lease.

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Abacus and Kirsh Buy Sydney CBD Offices

PRIVATE investor Kirsh Group has paid a combined price of $153.5 million for two Martin Place, Sydney office towers.

The private group worked with the ASX listed Abacus Property Group to acquire No 14 Martin Place for $95 million. Kirsh purchased 4 Martin Place on its own, for $58.5 million. Wealthy publican Cyril Maloney was the vendor of both properties.

The sales reflect market yields of about 8 per cent.

Last August, Kirsh and Abacus paid $174 million for the Birkenhead Point Shopping Centre and Marina, also in Sydney.

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