ISPT secure quality tenants for A grade asset

RPS Australia East Pty Limited has leased a 1,933.1 sqm office in ISPT’s A grade office building at 255 Pitt Street, owned by ISPT and with one of the largest floor plates in the Sydney CBD.

Ideally situated in the heart of the city and part of the landmark Sydney Hilton hotel complex, 255 Pitt Street’s 15,428sqm office building shares the hotel’s integrated foyer and benefits from all the upscale amenities provided by this elegant and timeless Sydney institution.

Frank Sassine and Jock Gilchrist of Colliers International negotiated the five year lease for Level 13, to RPS.

According to Michelle McNally, General Manager, Commercial Services at ISPT, “The building recently received an array of upgraded services, including upgrades to the BMCS and car park lifts and the installation of best in class end-of-trip bike and changing facilities.  In addition, plans are being finalised to further upgrade the building, including ground floor lobby upgrade, lift cars and bathrooms on several of the floors”.

Earlier this year, CBA secured 7,731.1 sqm on Level 14 - 17 for five years, also through Frank Sassine and Jock Gilchrist of Colliers International.

75 per cent of the office building has been leased since April this year, with Levels 10 and 12 the remaining two floors available. Level 10 benefits from an exclusive outdoor entertaining area a rarity in the Sydney CBD. Rents are being marketed from $750 per sqm pa net

According to Mr Sassine, “This spike in A grade demand corresponds with the PCA vacancy rates from 7 per cent in January to 3.6 per cent in July and we expect to see continued downward pressure during the course of 2016, due to sustained tenant demand”.

Mr Sassine went on to say that RPS came from three Sydney locations; two in the CBD and one in North Sydney and 255 Pitt Street provides the perfect opportunity for the company to be under the one roof, whilst enjoying the amenities, premium fit out, and central CBD location.

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