The Sydney US consulate general moves to North Sydney after major lease
The US consulate general Sydney will move to North Sydney after 25 years at its landmark MLC Centre headquarters in Sydney’s Martin Place after securing a new lease at the A-grade office tower 50 Miller Street.
The United States of America has leased 6000 square metres of office space across levels five to 10 at the 10-storey tower from co-owners, boutique property investment company Sumner Capital and Prime Super. The MLC building, where the consulate has its current tenancy, is owned by GPT and Dexus.
Cadigal’s Craig Dolman negotiated the new 12-year lease with options, one of the biggest leases in North Sydney.
Sumner Capital and Prime Super bought the property in 2014 and has since refurbished the 10,000-square-metre building.
It has undergone substantial refurbishment including a new building entrance featuring a dramatic street awning and an upgraded foyer with a new retail area, a new lift system and new, high-quality end-of-trip facilities.
“North Sydney is viewed as a prime location for corporates and is no longer considered a secondary market to the Sydney CBD. The lack of supply and continued demand is supported by new streetscapes, developments and retail offerings. North Sydney vacancy rates will continue to decrease, especially in A grade assets,” Mr Dolman said.
North Sydney, which will have its own new metro station, has attracted tenants not only from the CBD but also has had its volume of office space cut due to the metro construction, heavily reducing supply.
Demand for North Sydney offices has risen an average of 28 per cent a year over the past three years to March, Cadigal said.
The North Sydney market can look forward to more significant leases with NBN Co consolidating its five Sydney workspaces into a single flagship office in North Sydney from late 2019.
It is the major tenant of 100 Mount Street, having leased 20,364 square metres, representing 48 per cent of the new 35-level building.
