Sydney law firm Gilbert and Tobin to move to Barangaroo South

Sydney corporate law firm Gilbert and Tobin have signed a memorandum of understanding with Lend Lease to take 9,500 square metres of space in International Towers Sydney at Barangaroo South.

It will take the four stories above Westpac, in the second of three towers at the development.

Lend Lease says the memorandum shows the confidence banking, financial services and legal organisations have in the development.

The understanding now means more than 80% of tower two’s space is leased.

It is the first legal tenant to enter the $6 billion development.

Westpac and KPMG were named in June last year as the first confirmed tenants in the foreshore development. Lend Lease will also will taking up space.

The latest leasing agreement means Lend Lease can continue on with the third tower as financial backers required pre-leasing to hit 85% before undertaking further rental negotiations on the third tower.

The Australian Financial Review reports that the leasing deal is worth up to $9 million per year.