‘We are growing’: HWL Ebsworth to call Martin Place home
HWL Ebsworth, the nation’s largest legal partnership, is moving its Sydney office to Martin Place – the latest in a wave of top-tier law firms flush with strong earnings that are upgrading their digs in the city.
The law firm has signed a heads of agreement to take on as much as 11,000 square metres across five floors at 5 Martin Place, moving mostly into the space that is currently occupied by another law firm, Ashurst.
Unlike other sectors with a big presence in the Sydney CBD, law firms have not needed to downsize despite the tougher economic conditions.
Instead, lawyers have been the most active tenants in Sydney’s premium office market. At least a dozen firms are on the move, taking up prominent leases at Martin Place or near the harbour, investing in appealing workplaces in the war for talent.
“We are growing our Sydney office in a number of areas, and we will need additional space to cater for that,” HWL Ebsworth chief executive partner Russell Mailler said.
“A number of firms are changing offices to facilitate moves to open plan. Or keeping offices for partners, while staff are open plan or even hot-desking. That’s not our approach – we strongly favour an office environment.
“Lawyers need their private space to work on highly complex instructions. People speak of the benefits of collaboration, but we can still obtain those benefits by using meeting rooms and other spaces.”
As HWL Ebsworth prepares to move into 5 Martin Place, Ashurst is set to vacate later this year to move up the road to Investa and Manulife’s yet-to-be-completed 39 Martin Place.
It is one of the two office buildings developing in the space over the newly completed Martin Place metro station. Ashurst will take up 10,000 square metres – a similar amount to what it currently occupies at 5 Martin Place.
Securing HWL Ebsworth is a win for Cbus Property, which gained full ownership of the tower in June by acquiring the remaining half stake for $310 million at a 24 per cent discount without securing a replacement tenant for Ashurst.
HWL Ebsworth currently occupies about 7200 square metres at the iconic Australia Square, where its lease is set to end in mid-2026. Mr Mailler said there were no discussions about cutting the lease early, as its new office still needs to be refitted.
As well as HWL Ebsworth and Ashurst, Gilbert + Tobin late last year committed to moving into the top floors of Charter Hall’s upcoming Chifley South tower in a deal that would see it pay rent between $2000 and $2300 a square metre.
Allens will also take the nine highest floors of the revamped AMP tower – 33 Alfred Street – for $1850 a square metre, with A&O Shearman, Lander & Rogers, Maddocks and Pinsent Masons joining as stablemates.
Corrs Chambers Westgarth, Gadens and Johnson Winter Slattery have also made significant office upgrades since the pandemic.
Colliers office leasing managing director Cameron Williams brokered the deal for HWL Ebsworth’s move into 5 Martin Place.
