12/04/2023

Super-fund backed property manager ISPT’s 500 Bourke Street development has secured two high-profile tenants with long-term leasing deals.

Commercial law firm Holding Redlich and global business advisory and accounting company PKF have signed 11 and 10 year leases, respectively, bringing the building to 40 per cent leased just months after the campaign launched.

The long-term deals come on the back of life insurer TAL signing a long lease for 6360 squares metres of space in the building. That deal includes building signage rights.

ISPT is spending $150 million to redevelop 500 Bourke into a $665 million A Grade commercial tower and mixed-use precinct.

The transformation is a new build within an existing shell, offering more than 44,000 sq m of prime office space over 34 levels in the heart of Melbourne’s legal and financial precinct.

Construction on the project, designed by Fender Katsalidis Architects, is scheduled for completion in mid-to-late 2023, with TAL due to move in late 2023.

500 Bourke will operate with 100 per cent renewable energy and is targeting a 6-star Green Star and 5.5 Star NABERS energy rating. It will also feature a ground floor barista bar and café, a north-facing retail piazza with a variety of food offerings, a wellness centre and outdoor spaces. There also will be five levels of basement parking for 340 vehicles.

National Australia Bank, which was the sole tenant at 500 Bourke Street, vacated in 2021, moving to an ISPT co-owned property at 405 Bourke Street.

ISPT’s $22.2 billion portfolio includes office, retail, industrial, education, healthcare and residential property. Among its growing institutional investor base, ISPT invests on behalf of many of Australia’s largest industry superannuation funds.

Source:
The Age
Stephen Miles