Investa Commercial Property Fund (‘ICPF’ or the ‘Fund’) and joint owner Mercer Alternatives have recently finalised a circa 7,000 square metre lease at 420 George Street, Sydney.
The transaction with global premier infrastructure firm, AECOM was one of the largest leasing transactions to be undertaken in Sydney this year, demonstrating the resilience of Sydney’s office market.
AECOM had initially investigated alternative accommodation solutions in the latter part of 2019 and further refined their accommodation requirements due to the current challenges resulting from the global pandemic.
Investa’s leasing team were able to find a workable solution, allowing them to retain their prominent CBD presence.
The 420 George Street building is situated in the prime section of George Street between King and Market Streets adjacent to the historic Strand Arcade and above the Mid-City Arcade.
‘We were able to successfully conclude negotiations and retain the tenant by adopting an agile and flexible approach to structure a renewal deal that achieved the objectives of both the tenant and the landlord’ said Ben Rousek, General Manager, 420 George Street.
“This transaction demonstrates Investa’s proven leasing capability once more,” said Michael Cook, Investa’s Group Executive Property. “Despite adverse conditions we were able to work with the tenant and find a solution, securing a significant transaction and maximising fund performance – AECOM being ICPF’s 5th largest tenant.” “We look forward to continuing our strong relationship with AECOM,” he said.
“The 420 George Street office has been our home for the past nine years and is much liked by our staff,” said Kerry van Donderen, AECOM’s regional managing director, New South Wales and Australian Capital Territory. “The central location is well serviced by public transit and provides a great location to collaborate with our key clients. We will take this new lease as an opportunity to reimagine the space and ensure it continues to support our people’s wellbeing and AECOM’s future growth.”
The 37,600sqm 420 George Street based building also accommodates a range of leading global companies, including State Street, JLL and Investa Property Group’s headquarters.
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