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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Offshore Developers Leasing Australian Offices

RECRUITMENT firms say foreign developers that have been snapping up Australian assets are actively in the office market for lease.

Groups looking to establish or expand Australian operations include Asian broker and fund manager CLSA, global sovereign funds such as the Canada Pension Plan Investment Board, Government of Singapore Corporation and South Korea’s Investment Corporation.

LaSalle Investment Management and the US-based pramerica Real Estate Investors are also looking for space, according to the AFR.

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Despite Bleak Backdrop, Corporates Pay Top Dollar For Sydney Offices in 2011

CORPORATE heavyweights Bell Potter and Southern Cross Equities, which merged last year, have agreed to lease 3000 square metres of premium grade office space in Sydney’s landmark Aurora Place office building.

The lease, across the 37th and 38th floor, will see Bell and Southern Cross pay rent of about $1300 per square metre, per annum – amongst the highest rent paid for any CBD office in Australia.

Another tenant, Goldman Sachs, has renewed a 5000 square metre lease across three floors at the Grosvenor Phillip Tower, at the corner of Phillip Street and Farrer Place, also in Sydney.

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PWC Considering Leasing Office Space at Barangaroo

PRICEWATERHOUSECoopers – which recently went against the grain by leasing an office building just out of the Melbourne CBD as its headquarters – may be looking to do the same in Sydney.

The professional services group is reportedly considering leasing an office building at the Barangaroo project.

Lend Lease will develop the $6 billion project, which is expected to have about 350,000 square metres of offices, with towers permitted to rise as high as 213 metres.

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