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News release

Glebe Administration Board secures Australian Red Cross, who are set to move to St Andrew’s House in one of Sydney’s largest tenant relocation deals for 2011

• The Red Cross will take a total of 4,612 square metres in St Andrews House under a 10 year lease from mid-2012.
• The Red Cross has been based at 153 Clarence Street since 1974

SYDNEY, 3 November 2011 –The Australian Red Cross will be relocating from their current office at 153 Clarence Street, after securing 4,612 sqm in St Andrews House, 464 Kent Street in one of Sydney’s largest tenant relocations for 2011.
The Red Cross recently sold 153 Clarence Street to St Hillier’s for $31 million after occupying the building for over 30 years. The Red Cross will continue to occupy their current office under a short term lease-back while their new premises are being fitted out. 
The relocation deal, which was finalised last week, will see the Red Cross relocate from several floor plates at 153 Clarence Street to two large, efficient 2,306 sqm floor plates at St Andrews House under a 10 year lease commencing mid-2012.
The Red Cross will occupy levels three and four of St Andrews House at a rental range in the mid $500’s per sqm gross.
In commenting on the deal, Ben Kardachi, Director, NSW Leasing at Jones Lang LaSalle said, “This deal reflects a growing interest in workplace efficiency and flexibility. It is now a priority for many companies to occupy fewer floors in buildings with larger floor plates.”
“From the outset a key part of the Red Cross’s relocation strategy was to secure a more modern work space environment that could drive and support their culture of collaboration and innovation through a flexible and efficient work space,” Mr Kardachi said.
“St Andrew's House was identified as a potential opportunity early on, based on size, timing and rental profile. The fact that we could accommodate their requirements over two floors, while allowing a direct link through to Town Hall Station from the building, via Town Hall Square Arcade was a substantial advantage.”
Mr Kardachi also went on to say “The Glebe Administration Board have been successful in securing a tenant for two of the three floors that will be vacated by the Australian Bureau of Statistics next month and have the remaining floor under offer, which is an outstanding outcome  for the asset.” 

During negotiations the Australian Red Cross was represented by Mark Daniel of Property Beyond. The owner of St Andrews House, the Glebe Administration Board (GBA) was represented by Ben Kardachi of Jones Lang LaSalle.