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New leases take AMP Capital’s Quay Quarter Tower to over 85% pre-committed more than a year ahead of completion

By AMP Capital media team

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.

“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.

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.

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    Lara Evans
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    Lara.Evans@ampcapital.com

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While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) makes no representation or warranty 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. Neither AMP Capital nor any company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document This document 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 document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is not intended to be and does not constitute financial advice nor a recommendation to subscribe for or purchase any investment by any person in any jurisdiction nor does it constitute an offer, solicitation or invitation to subscribe or purchase any investment in any jurisdiction where it would be contrary to the laws, regulations or directives in force or applicable in such jurisdiction.

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