The largest Adelaide office leasing transaction to date in 2014 has been negotiated at 70 Franklin Street by Colliers International.
Nicholas Shinnick, Colliers International National Director of Office Leasing, has facilitated a new seven-year lease to the Department of Immigration and Border Protection for approximately 6000sq m across the ground floor and five upper levels at 70 Franklin Street.
“It is testament to the quality of the building that the Commonwealth Government has chosen it as a home for DIBP,” Mr Shinnick said. “The Commonwealth typically has the highest standards when choosing office accommodation, particularly when making larger lease commitments.
“Adelaide’s office leasing market is at an exciting stage after a number of years of lethargy. Office tenants are on the move again, responding to the aggressive stance of owners to entice tenants to relocate.”
Mr Shinnick said 70 Franklin Street, which has already received a 5-Star Green Star rating, met the Green credentials and high standard of services required by the Government.
The building was developed by the Kyren Group and the DIBP announcement comes on the back of commitments made last year by a number of leading corporate organisations including Price Waterhouse Coopers, Southern Cross Austero and Marsh Mercer.
Theo Samaras, Managing Director of the Kyren Group, said: “We are pleased that all the extra effort and quality that was placed into the design and construction of the building is being realised.
“The latest lease is also a continuation of the current trend which has seen significant office tenant movements to the western side of King William Street and confirmed the quality of the location and precinct.”
Mr Shinnick said the building was now more than 70 per cent leased, however still had four upper floors with outstanding views available for lease.