AMP Capital Investors and Brookfield Multiplex today announced they have re-signed National Australia Bank at its Sydney headquarters at NAB House, 255 George Street for a further 12.5 years from January 2008 under a new lease agreement.
NAB will remain the building's anchor tenant and will occupy over 20,000 sq m of high-rise space between levels 17 and 29 inclusive. In addition, NAB's ground floor presence is increased and the bank retains signage and naming rights.
As part of the deal co-owners AMP Capital and Brookfield Multiplex will refurbish the existing building services and ground floor foyer to a minimum 4 Star Green Star V2 design and a minimum 4 star NABERS energy rating.
AMP Wholesale Office Fund Manager Henry Elliott said the deal was a win for both parties and ensured NAB House would retain its status as one of Sydney's prime office towers for many years to come.
All parties have worked together closely on this deal to meet both the needs of such an important tenant and our investors. The result will be a first class asset - a fully occupied, refurbished, and environmentally sustainable property, Mr Elliott said.
Brookfield Multiplex CEO of Australasia Property, Jim McGreevy, said, The lease renewal follows a number of successful leasing transactions undertaken recently across our property portfolio, demonstrating Brookfield Multiplex's ability to retain blue chip tenants through proactive asset management.
NAB's GM Commercial Services Australia Simon Le Gear, said 255 George Street is integral to NAB's presence in Sydney. The lease renewal and building refurbishment is an important tenancy investment. It will also allow NAB to provide its people, customers and community with an enhanced retail branch and office tower experience.
The deal was brokered by James Patterson from CB Richard Ellis acting for the co-owners and Chris Massey from United acting for NAB.
AMP Capital owns 75 per cent of NAB House through its AMP Wholesale Office Fund (AWOF). The AMP Wholesale Office Fund is an open ended unlisted trust with an exposure to $3 billion in high quality commercial assets.
The remaining 25 per cent of NAB House is owned by Brookfield Multiplex, a fully integrated property, funds management and infrastructure business with approximately $6.8 billion of funds under management across all major markets in Australia and New Zealand.