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News release

Sydney

In the largest North Shore leasing deal in two years, Aurecon commits to working with their existing landlord to create an improved tenancy for the future


SYDNEY, 20 May, 2013 – In the largest leasing deal of its kind in approximately two years, international engineering, management and specialist technical consultancy Aurecon has struck an early deal with their existing landlord, committing to over 6,500 sqm at their current office space in Neutral Bay.  


Incentivised by attractive lease terms, Aurecon chose to engage with their landlord to achieve common goals around the improvement of the building, bringing the facility in line with their corporate standards. The collaboration has provided the ability to deliver ahead of Aurecon’s planned timeframe for an improved workplace for their employees and clients.
 
Katherine Moss, Director at Jones Lang LaSalle, who represented Aurecon in this transaction, said: “In the current market, where landlords are sensitive to vacancies, Jones Lang LaSalle saw an opportunity to provide a win–win situation for both landlord and tenant. In providing a longer-term commitment to their landlord prior to their natural lease expiry, Aurecon could maximise their negotiation position.

 

“At the heart of Aurecon’s decision was the dedication to creating an improved workplace for their employees as soon as possible whilst ensuring its real estate responded to the future needs of the business. Waiting for their existing lease to expire and running a marketing campaign would have delayed achieving this,” said Mrs Moss.
 
Aurecon’s Sydney Office Manager, Charles Milazzo, said: “Aurecon are investing in the development of new and refurbished offices across the globe, demonstrating to our staff and clients alike our dedication to quality, sustainability and innovation through inspired office design.
 
“The refurbishment design in Sydney will achieve a high level of sustainability while supporting a leading, vibrant workplace and healthy culture through provision of new and updated amenities and facilities. With flexibility, function and aesthetic appeal at the core, the new design aims to cater for day-to-day business dealings while reflecting Aurecon’s high standards.”
 
As part of a global upgrade, Aurecon is planning future workplace practices through planned refurbishment and refitting of their office space to improve their sustainability rating and create a flexible workplace strategy.
 
Jones Lang LaSalle’s Head of NSW Tenant Representation, Gavin Martin, said Aurecon has been able to leverage their existing real estate by negotiating an early lease renewal, years in advance.
 
“Aurecon are taking advantage of higher incentives and a ‘soft’ rental market, in addition to mitigating the costs and efforts of moving to new premises.”
 
Aurecon’s commitment to 116 Military Road and 355 Ernest Street has ensured various upgrades to the building, completion of DDA compliance works and delivery of a targeted NABERS rating. The location is enjoyed by its employees and provides better parking facilities and continued access to larger premises than could be found in other nearby locations such as North Sydney, where contiguous office space over large floor plates remains tight.