North Sydney office market surges as more large corporates relocate.
Allianz Australia Services Pty Ltd, the wholly owned subsidiary of global insurance company Allianz, will relocate their IT division to 101 Miller Street, North Sydney, consolidating IT teams from two of it’s CBD offices into the premium grade building.
Colliers International’s Louise Rowe and Frank Sassine represented Mirvac and TH Real Estate, with Allianz taking up 5,654 sqm over four levels at a blended net rent of $746 per sqm net.
This deal represents the last of 15,614sqm of backfill space following the withdrawal of Roads and Maritime Services in May last year, creating the largest vacancy in North Sydney at the time. Last remaining area is 700 sqm.
Earlier this year Colliers International relocated Bedford CA from 141 Walker Street to the whole of Level 16 at 101 Miller, joining Chubb Insurance and White Clarke who committed to 3,500sqm and 1,400sqm respectively last year.
“Allianz is an important global partner to TH Real Estate and we are delighted to welcome them to 101 Miller Street. This deal, along with our other signings in 2017, reinforces the North Sydney market as an important office precinct which is only going to improve with new development and infrastructure scheduled,” said Jayson Egan, Head of Asset Management at TH Real Estate.
“Allianz’s entry into 101 Miller Street cements North Sydney as a destination that is increasingly being considered by high profile corporates. Due to its revitalisation, improving amenity and affordability, the location is driving more and more corporates from the CBD and metro areas like Macquarie Park,” said Louise Rowe, National Director of Office Leasing at Colliers International.
“This commitment by Allianz comes at a time when the North Sydney market A grade vacancy is at its lowest level in two years, currently 4.1%.”