An artist's impression of the Quay Quarter Tower.
AMP Capital today announced that top tier law firm Corrs Chambers Westgarth (Corrs) has signed an Agreement for Lease (AFL) for nearly 10,000 square metres over a 15-year term in Quay Quarter Tower.
Quay Quarter Tower, located at 50 Bridge Street, is part of the transformational Quay Quarter Sydney development and is owned by investors in the AMP Capital Diversified Property Fund (ADPF), AMP Capital Wholesale Office Fund (AWOF) and Rest, who will acquire a one-third interest in the tower upon completion.
Corrs will join previously announced tenant customers Deloitte and AMP, as well as EQT, a differentiated global investment organisation, who recently signed a lease for a part floor of prime high-rise office space in the Tower. Together, this brings the total pre-commitment of Quay Quarter Tower to over 85 per cent, with the building due for completion in Q2 2022.
AMP Capital Head of Real Estate Kylie O’Connor said this significant pre-leasing success demonstrates the quality and appeal of the Quay Quarter Sydney precinct and is testament to the team’s commitment to delivering sustainable outcomes for investors and customers.
“We are thrilled to be welcoming Corrs, who have a reputation of choosing transformational workplaces for their national office footprint that are centred around their people and clients.
An artist's impression of the Quay Quarter Tower.
“To achieve pre-commitment of over 85 per cent more than a year ahead of completion – particularly given the challenges of COVID, is an outstanding result for our team, who continue to demonstrate an unwavering commitment to deliver for our clients and customers,” Ms O’Connor said.
Corrs Senior Partner and CEO, Gavin MacLaren said: “We have selected what we believe is one of the best buildings in Australia for our Sydney premises. COVID has challenged the notions and expectations of traditional workplaces, and our approach to this building and this space will deliver ongoing flexibility, high-quality technology and sustainability.
“The space at QQT will serve our needs well for the next 15 years as we continue to focus on our people, our clients and our continued growth and development.”
AMP Capital Chief Operating Officer Real Estate and Managing Director, Office & Logistics Luke Briscoe acknowledged the significance of the deal within the Australian commercial office sector.
“For AMP Capital and Corrs to close out this deal in this current environment, signifies the enduring importance of a workplace for businesses now and in the future.
“Our team has worked closely with Corrs on understanding and adapting the Quay Quarter offer to suit their future workplace requirements. This includes a robust technology platform for high performance and a strong focus on wellbeing to support employee engagement,” said Mr Briscoe.
An artist's impression of the Quay Quarter Tower.
The Tower has over one acre of green space, with a landscaped podium garden and terraces in its vertical villages. Lobby interiors and the tower’s entry to flexible workspaces on the mezzanine floors are by London designer Tom Dixon’s Design Research Studio.
Construction of Quay Quarter Tower by Multiplex is on schedule for delivery in Q2 2022. With more than 8,000 square metres of retail across the precinct including Quay Quarter Lanes which is due to open later this year, the retail leasing program, finely tuned towards lifestyle, wellbeing and dining, is well under way, with five new retail leases announced in the last six months, including Hinchcliff House, Tokki (Jnr), Marrickville Pork Roll, The Men’s Grooming and Skittle Lane.
About AMP Capital
AMP Capital is one of the largest and most experienced direct real estate fund managers in the Asia Pacific, with more than $27 billion in funds under management as at 30 June 2020. AMP Capital offers institutional and private investors access to real estate equity and debt opportunities globally through a range of wholesale funds and separately managed solutions.
About Corrs Chambers Westgarth
Corrs Chambers Westgarth is Australia’s leading independent law firm, providing exceptional legal services on major transactions, projects and significant disputes. With more than 175 years of history and a team of over 1000 people, Corrs advises clients on their most challenging issues and is the firm of choice for many of the world’s leading organisations.
About Quay Quarter Sydney
In the heart of the CBD, Quay Quarter Sydney is a revitalised landmark site being developed over two city blocks, and vibrant new destination for Sydney. Bustling retail, restaurants, cafés and bars will bring vibrancy at any hour, day or night, making Quay Quarter a lively neighbourhood surrounded by natural beauty, iconic architecture and busy commerce.
Covering 11,000 sqm of land, Quay Quarter Sydney comprises the stunning Quay Quarter Tower at 50 Bridge Street – a bold enabler of corporate change for the visionary, ambitious, and those who want to declare the forward-facing nature of their business.
The 200-metre-high 50 storey tower features five shifting glass volumes stacked upon each other punctuated by sky terraces and atrium space, maximising views to Sydney Harbour and bringing daylight into the office floors.
Quay Quarter Tower has achieved a 6 Star Green Star – Office Design v3 rating from the Green Building Council of Australia, for its innovative environmental features and vertical village design which optimises the existing building’s embodied energy and resources, resulting in a remarkably efficient plan.
The Quay Quarter Sydney precinct, which incorporates two city blocks including Quay Quarter Tower, 33 Alfred Street and the Quay Quarter Lanes. Quay Quarter Lanes is a mixed-use residential and retail laneways precinct on the Young and Loftus Street block, that will breathe new life into once forgotten merchant laneways to create a new neighbourhood. Currently under construction, it is expected be open to the public in 2021.
Quay Quarter Lanes is due for completion in 2021, and Quay Quarter Tower in Q2 2022.
