385 Bourke Street nears full occupancy following strong leasing campaign

Colliers International assists DEXUS Property Group to secure diverse range of respected new tenants

There is almost no available space remaining within DEXUS Property Groups’s new-look 385 Bourke Street following a series of leasing deals to a diverse range of tenants.

A 12-month leasing campaign run by Adam Davy, Milly Stockdale, Andrew Beasley and Tony Landrigan, of exclusive agents Colliers International, has seen more than 20,000sqm leased within the refurbished and upgraded building at the heart of the Melbourne CBD.

Mr Davy said the leasing campaign commenced with around 15,000sqm vacant following the departure of Commonwealth Bank from the whole of the low-rise component of the building.

“Over the course of securing tenants for this initial 15,000sqm vacancy, another 6,000sqm subsequently became vacant,” he said. “We were able secure several tenants to take up this second offering of space and have since seen the building currently reach around 98.4% occupancy.

“The extensive upgrades that DEXUS Property Group has implemented throughout this 41-level building have only enhanced the appeal of the property. It now offers market-leading end-of-trip facilities, squash courts, an on-site 196-seat auditorium, quality retail and concierge services.

“This is all alongside the opening of DEXUS Place, a Melbourne-first offering incorporating state-of-the-art premium meeting, training and conference facilities with the latest collaborative technology."

In two of the latest deals, Architectus and SAS will move to 385 Bourke Street on eight year terms, , both taking advantage of the outstanding views and natural light available from these floors. Architectus will lease 980sqm on Level 25 while SAS will occupy the whole of Level 22.

Architectus – a leading design studio comprising more than 250 architects, interior architects, urban designers and urban planners – will undertake full refurbishment works to create a customised fitout solution for their new premises.

“Architectus Melbourne has experienced substantial growth over the  past two years, coinciding with the recruitment of key Melbourne principals,” Barry Aarons, COO of Architectus Group, said. “Our significant focus on commercial, mixed use, tertiary education and infrastructure has meant we need better space and 385 Bourke Street, with not only its natural attributes but fantastic location and end-of-trip facilities, is perfect for us and our clients.

“We will be designing and building a very bespoke space led by our workplace leader, Andrew Schunke. We are all very excited to move into the core CBD and to have the opportunity to establish an office that reflects our skill in workplace design."

Mr Davy said SAS, a leader in analytics software and one of the world’s best employers, placed a high importance on workplace culture. The central location and amenities at 385 Bourke Street was a key differentiator in their search for new premises.

“In selecting 385 Bourke Street as the new location for their Melbourne headquarters, SAS recognised the quality of the building and strong platform it offered SAS in terms of their working environment,” he said.

SAS was recently recognised in the 2016 Best Places to Work study in Australia for the eighth consecutive year.

Tony Timney, Regional Sales Director, SAS Australia, said: “I’m pleased to announce this move is in line with our vision for the next decade to continue to expand our operations in Victoria. The new location offers close proximity to SAS’ large and growing base of enterprise and public sector customers.

“The strong growth of our business in Victoria has seen staff numbers increase by over 60% in the last three years. We’ve outgrown our existing premises and the new space allows for future growth. It is a better fit for us culturally, offering our employees a modern workplace."

Mr Davy said 385 Bourke Street held universal appeal to a wide range of businesses of varying sizes and sectors.

In addition to targeting whole and multi-floor tenants, Colliers International and DEXUS Property Group also implemented a small suite strategy, which allowed for the facilitation of a number of part-floor deals to a strong selection of tenants.

“The central core floorplate at 385 Bourke Street offers column-free space for flexibility in workplace design and can be subdivided to accommodate requirements from 200sqm-1,250sqm per floor,” Mr Davy said.

“Colliers International has achieved excellent rentals on behalf of DEXUS Property Group by formulating the strategy to subdivide floors and target tenants seeking part floors within the A-Grade building."

Other recent deals within the building have included: 

• Koda Capital: 450sqm, five years
• RedZed Lending: 521sqm, seven years 
• Profusion Group: 172sqm, five years
• Huawei: 522sqm, five years
• United Energy and Multinet: 267sqm, five years

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