Colliers International secures two new tenants in two prominent buildings
A flurry of leasing activity has been recorded at two of the most sought after office buildings in the recent TCA portfolio sale as the buildings’ new owner hits the ground running.
PA Realty, a joint venture between MEC and CLSA Real Estate, has this week taken the helm at 575 Bourke Street and 850 Collins Street, where Colliers International has secured two new tenants on the back of strong demand for office space.
Colliers International’s Milly Stockdale and Shane Burns have secured financial services firm, MCP Group on a five year term. MCP Group will occupy 291sqm on Level 6 on a five year lease.
“This building has recently undergone a full ground floor refurbishment which, coupled with continued strong demand for small turn-key fitted suites in general, has seen these spaces snapped up by tenants eager to position themselves within a popular, upgraded building in a sought after location at the heart of the CBD’s western core,” Mr Burns said.
“There is just one floor that remains available for lease at 575 Bourke Street, for which we expect strong competition based on market conditions, the new and improved ground floor facilities on offer and the prime location close to transport and retail."
At 850 Collins Street, construction company Cut &Fill – the Victorian business unit of national contractor Decmil Group Limited – has secured 725sqm on Level 3 and will relocate from Kew as part of an expansion driven by solid business growth.
“This tenant has identified a prime opportunity to be part of the continued growth of the Docklands area, where they can position themselves close to key clients and attract and retain the best talent to their growing business,” Ms Stockdale said. “With limited space remaining in this building also, we anticipate strong rental growth based on the limited supply of office space in the burgeoning Docklands area.
“Docklands as a precinct continues to evolve, and we are experiencing solid levels of demand as the area begins to mature."
Rents at 575 Bourke Street are in the vicinity of $460/sqm, and in the mid-$400s at 850 Collins Street.
850 Collins Street