Investa Office Fund (IOF or the Fund) today announces it has executed an Agreement For Lease (AFL) with Mills Oakley Lawyers Pty Ltd (Mills Oakley) at Barrack Place, 151 Clarence Street, Sydney across 5,673sqm. The lease covers levels 7 to 12 (excludes level 8 plant room) and is for an 11 year term commencing 1 January 2019. Mills Oakley is a top 10 national law firm with offices in Melbourne, Sydney, Brisbane, Canberra and Perth.
The AFL to Mills Oakley represents 26% of the building’s Net Lettable Area (NLA) on completion. Pre-commitment at Barrack Place now stands at 83% of total NLA with a weighted average lease term of 9.8 years. Mills Oakley will join multinational professional services firm ARUP (35% of NLA) and leading biopharmaceutical company Pfizer (21% of NLA) in this prime grade building.
Penny Ransom, IOF Fund Manager said, “Securing a third major tenant, the calibre of Mills Oakley, is an outstanding outcome for the Fund and we welcome Mills Oakley to the building as a valued partner to IOF. Barrack Place is an excellent example of Investa utilising its specialist development capability to create a high quality asset, enhancing unitholder returns and improving the overall quality of the portfolio.”
The Barrack Place development is progressing well, with structural works completed and the installation of the façade and internal services well underway. Practical completion remains on target for October this year.
Mills Oakley were represented by Counsel Advisory.