Daisho's 180 Brisbane secures the Commonwealth Bank
The Commonwealth Bank of Australia will relocate its Brisbane headquarters to the 180 Brisbane office tower at 180 Ann Street.
The bank will lease 10,500 square metres in the Crone Partners-designed 34-storey tower on an average 11-year term.
Contenders who missed out included Investa’s 259 Queen Street (formerly the Bank of Queensland headquarters), Grocon and DEXUS Property Group’s 480 Queen Street and Brookfield’s 240 Queen Street, which is where the CBA is currently mostly based.
The bank will leave three buildings to take up six floors at 180 Ann Street.
The Australian Financial Review advised the deal was extremely competitive, with an annual face rent around $700 per square metre and an incentive of more than $20 million.
Vacancies in the Queensland capital’s CBD hit 14.7% late last year, the highest level recorded by the Property Council since 1990.
The A-grade 59,100-square-metre tower with floor plates ranging from 1,678 square metres to 2,058 square metres is being developed by Daisho, the company headed by Japanese billionaire Katsumi Tada.
Knight Franks Campbell Tait and Graham Clarkson acted for Daisho, which has property holdings in excess of US$1 billion (A$1.23 billion).
Stuart Allison from Independent Corporate Property acted for CBA in the negotiation.
The Daisho Group portfolio includes:
- 192 Ann Street office building developed in 2000 and acquired by Daisho in 2001.
- A 510 room hotel in Kuala Lumpur, Malaysia managed by the Hilton Group completed in 2004.
- The AO retail complex in central Tokyo developed in March 2009.
- The Park Hyatt Sydney, acquired in February 2008 and fully refurbished in 2011.
- 180 Brisbane, early works commenced February 2012, due for completion mid 2015.
