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Bigger floor plates were a key attraction for the latest tenant set to move into Westralia Square, with an expert noting that the “flight-to-quality” trend is still dominating major commercial leasing deals.
Colliers shared that global engineering construction and services company Subsea7 is set to move into the landmark office tower located in one of Perth’s central business district’s prime locations, after inking a deal with GDI Property Group to lease the building’s level 15 office.
Colliers director for office leasing Jemma Hutchinson brokered the off-market deal for the office — which covers a full 1,882 square metres floor and is a brand-new fit-out that was built by Ryder Projects.
Ms Hutchinson said the deal was a case of “sometimes the shoe fits” and highlights the strong market sentiment evident by tenants continuing to expand their workspaces across a broad range of sectors.
For her part, Ms Hutchinson said that “understanding an expanding tenant’s requirement and finding a solution that works for all parties” was her main endgame for the transaction.
“On top of this, a workplace which encourages staff to enjoy the office and an open environment for a staff hub were some of the key selling features of level 15, Westralia Square,” she added.
GDI managing director Steve Gillard credited Ms Hutchinson’s understanding of the involved parties’ needs as the “catalyst to a win-win outcome”.
“Jemma has done a magnificent job in concluding this transaction,” he stated.
With Subsea7 slated to set up shop in the building, Colliers revealed that Westralia Square now boasts an “A” list of tenants in occupancy and is nearing full occupancy — with advanced negotiations underway on the remaining four top floors.
Notably, GDI has recently undertaken a major refurbishment and upgrade of the Westralia Square building and its immediate precinct.
“Tenants are still seeking that flight to quality, and the larger floor plates are starting to be of high demand again as the office market heats up with expansion needs,” Ms Hutchinson remarked.
With its notable features, including being accessible to major transport hubs and offering a year-round cultural, dining and retail experience, Colliers’ predicts that Westralia Square is set to continue to benefit from local growth and expansion.
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