Innovative asset repositioning unlocks Sydney office building’s potential
JLL developed a strategic leasing and marketing campaign that resulted in 320 Pitt Street being 100% leased on behalf of ARA Asset Management.
320 Pitt Street, Sydney
“The experience and knowledge of the JLL Sydney team really provided us guidance on creating a marketing strategy and also creating a leasing strategy that worked for the building.”
Formerly known as Telstra House, 320 Pitt Street in Sydney was owned by Telstra until 2017. Facing a future of over 28,000 sqm of vacancy, in an asset perceived in the market as a constrained site with limited street presence and identity, 320 Pitt Street had become a dated asset located within a non-traditional office precinct in Sydney.
The subsequent purchase of the asset to ARA in 2017, provided an opportunity for JLL assist and guide in the aspirational repositioning of the asset to a renewed product would match market demand.
Three years of design reviews guaranteed a building transformed; with an enhanced lobby, end of trip facilities and upgrade of building services. Seeking to create a sense of community within the building, by bringing the on-site ground floor café to be approachable from the lift lobby and the street.
The Leasing and Marketing Process
To demonstrate what the future would be in 320 Pitt Street, JLL underwent a re-branding process for 320 Pitt Street and produced an integrated project marketing program on behalf of ARA from 2020 to 2021.
The campaign’s objectives were to support early tenant engagement, broad market awareness and assist in marketing the future repositioning of the building.
A varied and diverse marketing campaign which encompassed a physical display suite on Level 30 of 320 Pitt Street to showcase the sweeping 360 degree views, on-site signage and print advertising as well as a dedicated landing page for 320 Pitt Street, an extensive and highly targeted digital campaign across social media platforms.
To ensure prospective tenants could visualise the repositioned asset, JLL utilised innovative mediums including a virtual stack plan of 320 Pitt Street with renders of the future lobby, end of trip, as well as creating a virtual tour of the test fits for the commercial floors and validate room for growth within the asset. This virtual inspection experience allowed JLL to host inspections with interstate decision-makers and persevere through lockdowns and restrictions caused by the COVID-19 pandemic.
The insight and understanding JLL provided to ARA were pivotal to the development of a successful leasing and marketing strategy which yielded results, including 100% leasing of the building across two major tenant groups.