Exchange Tower has bucked the market trend and enjoyed significant leasing activity during the last few months despite a challenging office market in Perth. A continued focus on understanding and responding to customer needs, coupled with significant investment has seen vacancy in the building fall below 15 per cent. This represents an improvement from the rate of more than 37 per cent earlier this year.
Exchange Tower is a 40-level, premium-grade office tower located just off St Georges Terrace in the heart of the Western Australian capital and in close proximity to Elizabeth Quay and Perth’s major shopping malls.
As part of the ongoing investment in Exchange Tower by joint owners the AMP Capital Wholesale Office Fund (AWOF) and Western Australia-based property investor Primewest, works have commenced for a significant refurbishment of the ground floor lobby which follows the completion of state-of-the-art end of trip facilities and an increased retail presence on the ground floor. Plans are underway for upgrades of the forecourt and lifts.
The world’s sixth largest accounting group, RSM, has committed to lease 3,281 square metres of space over three high-rise levels in Exchange Tower and will also take signage rights after negotiating a long-term lease in the building.
RSM’s move is one of four major new deals in Exchange Tower, with international engineering group ARUP, multinational technology company Fujitsu and national law firm Moray and Agnew also relocating to the building.
ARUP is leasing 1,500 square metres of space on level 14, Fujitsu is taking 1,309 square metres on level 9 and Moray and Agnew is leasing 1,092 square metres on level 30. Other recent new tenants include Quayside Chambers, Viva Energy and WTP. The moves follow a targeted leasing campaign managed by Ian Edwards, Knight Frank.
Exchange Tower is already home to some of Perth’s leading commercial and public institutions including Patersons, Morgan Stanley, Bell Potter, Allen & Overy, Bain, Ministerial & Parliamentary Services, Mitsubishi, Mitsui and Knight Frank.
AMP Capital Office & Industrial Managing Director Luke Briscoe said: “We’re delighted to welcome our new tenant customers to Exchange Tower who will benefit from the prime Perth location, increased service and amenity and the significant investment the owners have made in this premier business address.”
Primewest director John Bond said: “The ability to attract tenants of this calibre in a tough leasing market was testament to the joint owners’ ongoing commitment to adding value to the asset and surpassing the expectations of existing and new tenants.”
While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (AMP Capital) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital.