Exchange Plaza will soon be without its namesake and one of its oldest tenants with the Australian Securities Exchange set to move out of the financial tower next year.
The ASX will set up its new Perth head office at Central Park where it will reportedly secure a more visible CBD presence.
The exchange confirmed the move, scheduled for early next year, but would not comment on the reason.
According to market sources, the Central Park office will give the ASX a higher profile with street-level signage on St Georges Terrace.
The ASX agreed to a tenancy in the 34-level tower on The Esplanade in 1988 and construction began in 1989.
With the exchange as a long-term tenant, Exchange Plaza attracted a cluster of financial service and stockbroking firms, including Bell Potter Securities, Paterson's Securities, Lazard, Mercer Wealth Solutions, Perpetual Investments and Morgan Stanley Smith Barney.
Y Research property consultant Damian Stone said businesses were drawn to financial hubs. He said the departure of the ASX would shift more of the financial focus to St Georges Terrace.
"This is a further consolidation of the city block near Brookfield Plaza," Mr Stone said.
"It's close to public transport. Other major companies are already there and it also means getting away from the Elizabeth Quay construction site, which will be there for the foreseeable future."
The exchange has leased a 550sqm office at Central Park where it will pay $905/sqm.
A spokesman for AMP Capital, which owns a half share of Exchange Plaza, said the departure of ASX next year would be an opportunity for another tenant to take advantage of the signage rights in a premium position in the Perth skyline.
"Over the last 12 months, we have been leasing space to new and existing tenants and the building currently enjoys 95.2 per cent occupancy," he said.
Other companies are already there and it also means getting away from the Elizabeth Quay construction site." Y Research principal Damian Stone