Ashurst inks anchor lease at new Martin Place digs

Ashurst will occupy up to 10,000 square metres in the low rise of the building, which will boast high-standard sustainability features such as being 100 per cent powered by renewable energy sources.

The premium tower is expected to be completed in 2024 and will incorporate 30,000 square metres of office space across 28 levels, as well as 2000 square metres of retail. It will have direct access to the soon-to-be completed Martin Place metro station, which will also connect with the existing Eastern Suburbs’ railway line.

Investa Commercial Property Fund’s fund manager Brendan Looby said the building features a dramatic street presence and pays homage to its heritage near-neighbours, including Macquarie Group’s global headquarters opposite at 50 Martin Place.

“Interest in the building has been strong, with tenant enquiry ranging from 400 to 4000 square metres on the remaining available 20,000 square metres,” Looby said.

“In addition to its outstanding sustainability credentials, Investa has worked with Macquarie and its construction partner, Lendlease to make the building one of the first all electric new office towers in Sydney’s CBD.”

Kiki Lai, managing Director, Real Estate Portfolio Management, Asia, at Manulife Investment Management, said the development will “transform the traditional role of an office building”.

“The pandemic has also inspired us to future-proof the asset with world-class sustainability features and accelerate the transformation of the Martin Place precinct into a place to connect and place for everyone,” Lai said.

Ashurst’s commitment comes as demand for premium-grade office space remains robust, driven by the increasing focus on amenities and environmental, social, and governance (ESG) factors, according to the latest report by CI Australia on the Sydney CBD.

CI Australia’s managing director Andrew Hunter said while there has been a rise in vacancy levels, tenants are focused on leasing the premium end of the market, and that trend is tipped to continue.

“The trend of ‘flight to quality’ remains evident in the market, as prime properties experience a comparatively smaller increase in vacancy compared to secondary properties,” Hunter said.

The completion of the Salesforce Tower in George Street is one example of businesses following through on their plans to move into the new buildings. The Salesforce Tower is already largely occupied, with Salesforce being the major tenant comprising a total area of 23,500 square metres.