CDM Smith and EDMI are relocating to a highly efficient A Grade office development Fifty One Alfred in the Fortitude Valley with flight to quality and central fringe location key reasons for choosing the new address.
CDM Smith has signed a 7 year lease for 450sqm on level 4, with EDMI taking up 1,400sqm over levels 7 and 8 on a 10 year lease term, making it the biggest deal done in the building to date. The eight storey office tower was built by Excel Development Group in 2014 and features 7,482sqm of net lettable space including a ground level bar and end of trip facilities.
Bo Veivers of Colliers International and Stuart Moody of K2 Private were the leasing agents who negotiated the deals. Mr Veivers said the engineering firm CDM Smith were located around the corner on McLachlan Street and wanted to downsize to a single level tenancy in an A Grade building.
“Given it is a softer market, there is a lot of movement by tenants who are trying to find better office accommodation on more competitive rents. The location was also the key, given the Fortitude Valley train station is only 50 metres away, and trendy bars and restaurants are all within walking distance”.
According to Mr Veivers, EDMI were based in Brendale where they operated from an office/warehouse. “EDMI wanted to reposition their corporate office and be closer to their key clientele such as Ergon Energy and Energex who are also based in Fortitude Valley.
“There is a lack of quality space in the Valley, compared to six months ago. A lot of tenants are taking up good quality A Grade opportunities that are currently available.”
Mr Moody said the building has typical floorplates of 1,000sqm offering flexible design and fit out options for the available space across six levels, at $570 per square metre gross. “Fifty One Alfred is an impressive office development with its large foyer entry, double glazed floor to ceiling glass windows and series of open internal staircases between levels. Following these two deals we have reached a milestone of 50 per cent leased.”