Commercial intentions fall into place as Cbus Property secures another tenant for Collins Arch
The last week has seen two noteworthy commercial leasing deals unveiled as major tenants secure space for their operations.
The latest sees Cbus Property add another premium tenant to their Collins Arch project, with HWL Ebsworth Lawyers taking near on 6,500sqm of space alongside initial tenant King & Wood Mallesons. Following last week's official ground breaking ceremony held onsite, HWL Ebsworth Lawyers' arrival now sees 30% of total commercial space within the project accounted for.
Securing levels 8-10, the HWL Ebsworth Lawyers deal leaves roughly 30,000sqm of commercial space as still available within the uniquely shaped skyscraper. Cbus Property will seek to secure further commercial commitments for Collins Arch which will be completed during 2019.
What they say
We are delighted to have committed to what we believe will be the most impressive building to be constructed in Melbourne in recent memory, clearly a future landmark. Collins Arch will boast amenities and environmental credentials that mirror the standards expected by a firm like ours and by our quality clients.
447 will offer both the high quality and attractive location we want for our staff.
Juan Martinez, Managing Partner, HWL Ebsworth Lawyers
Securing our second tenant, resulting in 30% of the commercial space already committed, really solidifies the importance business leaders are placing on workplaces of the future,
Targeting Melbourne’s first WELL-rated building, we are proud to offer a truly remarkable precinct, with leading design at all levels
Adrian Pozzo, Chief Executive Officer, Cbus Property
This prestige site is easily the most envious location for office space in Melbourne right now, if not Australia.
An external terrace on level nine fronting onto Collins Street presented a rare opportunity for the new tenants who have shown they value not only location but amenities, which will enhance the working environment and assist them in attracting and retaining leading legal talent.
Andrew Beasley, National Director of Office Leasing, Colliers International
The HWL Ebsworth Lawyers deal follows on from last week's reporting that QIC are poised to land Macquarie Group for their long-delayed 80 Collins Street.
With Multiplex signage adorning the vacant site for some time, construction now looks increasingly likely to begin in earnest following AFR's reporting of the lease deal. Macquarie Group is expected to have firmed on 6,000sqm within the Woods Bagot-designed commercial tower, which shapes as being on of the tallest delivered in Melbourne since the commercial boom of the early 1990's.
The pending deal with Macquarie Group bolsters the project, which also features a reworked retail podium surrounding Nauru House and a hotel fronting Little Collins Street. Singapore-based SilverNeedle have taken rights over the hotel component, with the suites to be operated under their NEXT Hotel brand.
Melbourne's commercial construction activity is tracking on an upward curve.
Rialto's regeneration and Mirvac's 664 Collins Street have been the only projects of note under construction and north of the Yarra for some time, with Mirvac also approaching completion for PwC's tenancy at 2 Riverside Quay on Southbank.
With a host of commercial projects in the pipeline, the commencement of Collins Arch and the likelihood of 80 Collins Street forging ahead will also serve to boost commercial construction activity which has taken a back seat to Melbourne's residential boom in recent years
