Westpac Doesn’t Practice What it Preaches, Avoids Going Green

Sources expect Westpac, which trumpets its green credentials, will re-sign to its existing office building at 360 Collins Street, as well as commit to new space, to be built on top of an open-air arcade at the rear of the building facing Little Collins Street.

In September last year, Westpac issued a 16,000-square-metre requirement, saying it planned to relocate four existing offices that have leases due to expire in 2009.

A spokesman for Westpac said the bank was still reviewing its Melbourne CBD corporate office accommodation.

The other two options include new buildings at 567 Collins Street, and Village Docklands: both new buildings with five-star Australian building greenhouse ratings.

360 Collins Street is owned by DB RREEF Wholesale Property Fund. It paid $45.5 million for the 39-level, 44,000 sq m office building in August 1997.

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Marc Pallisco

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

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