Law firm Baker McKenzie makes the shift from Circular Quay to Barangaroo

Law firm Baker McKenzie makes the shift from Circular Quay to Barangaroo
Law firm Baker McKenzie makes the shift from Circular Quay to Barangaroo

Law firm Baker McKenzie is moving into Lendlease's Barangaroo tower one from its home at AMP Capital's 50 Bridge overlooking Circular Quay.

The leading firm has been operating there since 1978, and their move indicates businesses willing to move out from traditional areas of the city.

Property Observer had previously reported that the “Barangaroo effect” had firmly taken hold as corporate users are seeing this now as a firmly established precinct.

Baker McKenzie will occupy 7,500 square metres in the new Lendlease tower, taking levels 44, 45 and 46 for a term of 10 years, according to The Australian Financial Review.

The law firm agreed to surrender its lease in 50 Bridge, allowing the landlord AMP Capital to start its redevelopment of the precinct called Quay Quarter.

"As the leading global law firm in Australia, we are excited about our move to Barangaroo, which is already renowned for its world-class design and as a vibrant business precinct,” Baker McKenzie's national managing partner Anthony Foley was cited as saying by the AFR.

The design of the new office space is still being finalised, but it will be a mix of fully enclosed offices, semi-open offices and workstations.

Baker McKenzie was advised by Independent Corporate Property Oceania's Peter Messenger while JLL's head of leasing Tim O'Connor represented the landlord.

Barangaroo South, where Baker McKenzie's offices will be located, is the economic hub of the precinct and comprises three commercial towers known as the International Towers Sydney, where the firm will reside in the tallest office tower. Rents were not disclosed in the deal but recent gross leases in the tower have come in at about $1400 square metre before incentives. Baker McKenzie would have been given certain incentives for both the new lease and the surrendered AMP lease.

Lendlease's managing director, Barangaroo South, Rob Deck, said the deal cemented Barangaroo's position as one of the key destinations in the Sydney office leasing market

"We are delighted that Baker McKenzie have committed to space in tower one, joining a range of leading businesses who already call Barangaroo home," Deck said.

AMP Capital managing director for office & industrial Luke Briscoe acknowledged the long-term tenancy of Baker McKenzie while confirming that construction on the Quay Quarter Tower (QQT) would begin next year.

"Following the great success of our residential sales campaign for Loftus Lane apartments and securing AMP as anchor tenant for QQT, we are pleased to confirm the construction of the office tower and residential apartments will begin in early 2018."

AMP Capital plans for 50 Bridge Street includes the new 49-floor premium commercial office Quay Quarter Tower.

Tags: 
Barangaroo Office Market

Comments

Be the first one to comment on this article
What would you like to say about this project?