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News release

SYDNEY

Tourism Australia to relocate its offices to 420 George Street

The commercial tower in Sydney has a 5 Star Green Star - Office As Built v2 rating and is now nearing full capacity with the announcement of Tourism Australia as the latest high profile tenant to call 420 George home


SYDNEY, 31 OCTOBER 2012 – Tourism Australia has announced it will move its operations to 420 George Street – the 5 Star Green Star – Office As Built v2 rated office tower, taking 2000 square metres of space.

Tourism Australia will relocate from Darling Park in early 2013 to take Level 28 and part of Level 29 in the building.  The deal was negotiated by Chris Gilbert from Jones Lang LaSalle and Joshua Pails from Savills on behalf of the building’s owners Fortius Funds Management and Lend Lease’s Australian Prime Property Fund Commercial (APPF Commercial).

420 George already boasts blue chip tenants including State Street Corporation - a world-class financial services company, AECOM - a Fortune 500 company, Virgin Active Health Club  - a world class and respected brand and Tyndall Investments - a leading Asian asset manager with a strong Australian base and operation.

“Attracting a high calibre and major tenant that is Tourism Australia is a testament to the building and its sustainability credentials, large efficient floor plates and ideal location in the heart of Sydney’s CBD,” said Ray Sproats, CEO of Fortius Funds Management.

Tourism Australia Managing Director, Andrew McEvoy said relocating its headquarters to 420 George Street would drive operational efficiencies, enhance organisational functionality whilst retaining the benefits associated with a central Sydney CBD location.

“420 George Street represents a central location in a building that offers sustainable, modern office space of the future,” Mr McEvoy said.

He said the decision followed extensive market testing of over two dozen alternative locations in the Sydney CBD.

“Of the shortlisted properties, 420 George Street offered the best value for money in terms of the quality of the building, location and outlook and, importantly, net cost per annum.  The decision is good for Tourism Australia, our staff and our clients.

“These competitive arrangements together with the building’s strong sustainability credentials were prime factors underpinning the move,” Mr McEvoy said.

John Dillon, Fund Manager of APPF Commercial  said environmentally rated buildings are valued highly by both owners and tenants.

“Tourism Australia’s decision to move to 420 George Street is clear evidence that environmentally highly rated buildings not only support stronger valuations for owners, they are becoming increasingly important for our tenants. Corporations are very aware of the benefits of sustainable buildings and how this helps them attract and retain the best people.”

Mr Sproats said, “We have taken a proactive approach to the tenant mix at 420 George Street, to maximise the value but also provide growth opportunities for our tenants over the medium term.

“This has resulted in the strategic subdivision of floors throughout the building, with the resulting suites leased on varying terms.

“The building is now nearly fully leased up and we have a cross section of industry groups from engineering, banking, real estate services, fund managers, government and legal.  Having this spread of tenants in the current economic environment provides a level of security than having one predominant industry,” said Mr Sproats.​