ING DIRECT has signed a 10 year lease over approximately 10,030 square metres across levels 25-31 at 60 Margaret Street. Mirvac, who currently occupy the majority of this space will be moving its head office to 200 George Street, Sydney later this year and the space will be reconfigured to suit ING DIRECT’s unique needs.
Approximately 50 per cent, or 20,000 square metres, of office space at 60 Margaret Street has now been leased over the past 12 months. Commitments have been made from a range of tenants including OzForex, Serco, Injury Treatment, Treysta, RXP, HP Corp and expansions completed with Sonic Health, Nous Group and Pinnacle. ING DIRECT’s commitment takes the building to 98 per cent leased, increasing the building’s weighted average lease expiry to over five years, from two years at 30 June 2015.
Mirvac’s Group Executive, Office, Andrew Butler, said, “We are delighted to have ING DIRECT relocate their Australian headquarters to 60 Margaret Street, demonstrating our ability to attract new, high quality customers to an asset that is extremely well located within the Sydney CBD. The building offers high quality, adaptive workspace and is expected to benefit further with the completion of the Light Rail along George Street.
“The team has achieved outstanding leasing success over the past year, taking the building from an 18 per cent vacancy rate to an almost fully leased position and de-risking a further 24 per cent of future lease expiry. The improved occupancy rate is further supported by a solid lease expiry profile across broad business sectors including banking and finance, accounting, technology, professional and medical services.”
60 Margaret Street is a 36-storey office building enjoying a prime location on the junction of George and Margaret Streets in Sydney, NSW. Access and amenity are a key feature with the office tower being located above the MetCentre and direct covered access available to Wynyard Station.
The current upgrade of Wynyard Station and completion of the Light Rail will further increase accessibility, opening up easy transport options from 60 Margaret Street to the Western Corridor, Circular Quay and the southern end of the CBD. The MetCentre offers a comprehensive selection of food, fashion and services, with a Woolworths Supermarket, food court and national retailers including Lorna Jane, Nine West and Kikki K providing easy access to amenity for office tenants.