Property NSW has signed up for Charter Hall’s Elizabeth Street tower, a building which the listed fund manager took over two years ago on a short lease expiry.
Since anchor tenant Telstra is leaving, Charter Hall was able to turn the risk into opportunity as they struck a 12-year lease with the state government beginning in May next year.
A number of NSW government departments will then move into the new Southern CBD hub occupying 21,700 sq m of space on levels 2 to 15. The agreement will take the tower to near 100 per cent full soon after the expiry of the Telstra lease.
“We are delighted to extend our relationship with the NSW government to 231 Elizabeth Street," said Charter Hall's chief executive for office Adrian Taylor. "We have a strong track record of partnering with government tenants, who make up 25 per cent of gross income across our $13 billion office portfolio."
Property NSW chief executive Brett Newman said the move to the Charter Hall building was part of a broader effort to consolidate its Sydney CBD office footprint while moving jobs closer to where people live across metropolitan Sydney.
Image and article source: https://www.afr.com/real-estate/commercial/property-nsw-takes-out-charter-hall-s-elizabeth-street-tower-20190417-p51f05
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