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News release


Jones Lang LaSalle appoints ACT Managing Director

Andrew Balzanelli has been with the firm for 20 years and will return to the region where he grew up

SYDNEY, 13 JANUARY 2009 – Global commercial real estate services firm, Jones Lang LaSalle has appointed an experienced and long serving property professional to head up its ACT office.
Andrew Balzanelli has been with the firm for 20 years and is one of the most experienced commercial office leasing executives in Australia. His former role was as the Head of NSW Leasing.
Australian CEO, Christine Bartlett said Mr Balzanelli would bring to the role a wealth of experience in the leasing market and established client relationships, particularly with major corporate and institutional clients.
“Andrew has worked on some of the biggest leasing transactions and projects in New South Wales for major corporate and institutional clients and will bring this wealth of experience to the ACT market.

“In particular, the government leasing market in Canberra will benefit from Andrew’s extensive knowledge and his recent work on the 5 Star Green Star rated building at 420 George Street in Sydney currently being constructed for Fortius and Lend Lease. Government departments and corporations are increasingly setting minimum sustainability benchmarks for the buildings they occupy.
“Andrew has a strong affinity with the Canberra region, growing up in Queanbeyan. He moved to Sydney 20 years ago and joined Jones Lang LaSalle. His new role will see him return to the region, where his wife is also originally from and their families still live,” Ms Bartlett said.
During his 20-year leasing career, Mr Balzanelli has specialised in the leasing strategy for new buildings and repositioning existing buildings for owners.
Major asset repositioning projects Mr Balzanelli has worked on include one of the largest leasing deals for 2007, with the leasing of 52,000 sqm of office space at Darling Park 1 to the Commonwealth Bank following the disposal of Fairfax accommodation (17,000 sqm).
Other major leasing deals include 30,000 sqm of commercial office space in Australia Square in 2005/2006, following the departure of Lend Lease Corporation as well as the leasing of 22,000 sqm of space at 259 George Street, Sydney to Suncorp in 2007, following the relocation of Qantas.
Major new office building developments Mr Balzanelli has worked on during his time in NSW leasing include:
  • 420 George Street, Sydney – Marketing 37,700 sqm of office space in the 5 Star Green Star rated building currently under construction for Fortius and APPF.
  • 100 Pacific Highway, North Sydney – Lease 22,000 sqm 4.5 Star development for Leighton Properties and ISPT.
  • 88 Phillip Street, Sydney – Involved in the leasing of Aurora Place development in 2002 on
    behalf of Lend Lease and East Asia.
  • 363 George Street and 24 York Street complex, Sydney – leased 33,000 sqm on behalf of AGP.

Speaking on his appointment, Mr Balzanelli said he looked forward to joining the existing senior team in the Canberra office to maximise on the opportunities in the current market conditions.

“The Canberra market traditionally has counter cyclical drivers and is therefore largely insulated by economic cycles. It is expected that Canberra won’t be affected to the same extent as Sydney and Melbourne from the downturn in the financial sector and the expected slowdown in the mining and resources sectors.

“This combined with the Federal Government’s increased expenditure through its recent stimulus package to support the economy in the current economic climate, should provide opportunities in the ACT market going forward.

“Demand is still strong in Canberra and hasn’t showed signs of abating. In the first 9 months of 2008, net absorption was 15,500 sqm.

“In terms of investment sales in 2008, Canberra witnessed a slow down in transactions as part of a national trend, however the sale of Edmund Barton Building in late December 2008 for $186M was a big shot of confidence for the market. This sale, one of the largest in Australia for 2008, has provided much needed guidance on appetite and values and is a direct result of the long term Commonwealth leases underpinning major assets in the ACT.

“In 2009, we are anticipating an increase in Commonwealth Government leasing activity in Q1/Q2 as a result of the range of new government initiatives and an ongoing desire to consolidate their operations under one-roof. Private sector leasing enquiry is expected to ramp up in Q4 2009 as we anticipate a growing confidence in the ACT economy on the back of the Commonwealth Government initiatives,” Mr Balzanelli said.