AMP Capital Wholesale Office Fund (AWOF) today announced a new lease agreement with Perpetual Limited (Perpetual) to remain at its Australian headquarters at Angel Place, 123 Pitt Street until 2025.
Perpetual continues to be the building’s anchor tenant and will occupy more than 10,000 square metres of mid rise space in addition to retaining its signage rights.
As part of the transaction, Perpetual will vacate more than one and a half levels, which AMP Capital has leased to Willis Australia for six years.
AMP Capital Wholesale Office Fund Manager Nick McGrath said the deal was a culmination of several months of working closely together with all parties.
“We are very pleased with the deal, which is a great outcome for everyone involved – both our investors and our tenants.
“It not only ensures our relationship with Perpetual will continue through to 2025 but the addition of another high quality tenant such as Willis further strengthens Angel Place’s status as a premier office tower in Sydney,” Mr McGrath said.
The deal was brokered directly by AMP Capital acting for the Fund, David Fenech from LPC acting for Perpetual and Stuart Allison from CREA acting for Willis.
AMP Capital Wholesale Office Fund owns 100 per cent of Angel Place and has concluded 24,577 square metres of leasing in the building during 2013. The AMP Wholesale Office Fund is an open ended unlisted trust with an exposure to $2.9 billion in high quality commercial assets.