Dexus satisfies demand from corporations looking to reposition their businesses through providing workplace solutions in its premium developments.
- 480 Queen Street, Brisbane was acquired in April 2013 as a fund-through development1 on attractive metrics and 5 Martin Place, Sydney was acquired in April 2014 as part of the CPA transaction2
- Dexus built a high calibre tenancy profile that will underpin the long term investment value of both of these properties by satisfying demand from key corporations looking to reposition their business through workplace solutions
- At 5 Martin Place, Dexus and co-owner Cbus Property repositioned the leasing and marketing approach to reignite interest
- At 480 Queen Street, 11 tenants have been secured, with 81% office space3 pre-committed
- At 5 Martin Place, securing Challenger increased the level of pre-committed office space to 75% from 41% at acquisition, and at 30 June 2015 was 82% committed
- Both properties will contribute to increasing Dexus’s portfolio weighted average lease expiry on practical completion
1. Owned by Dexus 50%, DWPF 50%.
2. Acquired a 50% interest in 5 Martin Place via the Dexus Office Partnership.
3. Including heads of agreement.