CITIC signs big office lease

CITIC Pacific Mining will relocate its Perth headquarters to 45 St Georges Terrace after signing the city's largest office lease deal so far this year.

CBRE and Sheffield Property jointly negotiated the 3200sqm lease on behalf of Credit Suisse Real Estate Asset Management, which purchased the St Georges Terrace building in 2012. The new lease starts in September.

CBRE office service director Lachlan Lewis said it was a significant transaction for the Perth market, highlighting the outcomes that could be achieved by creative deals and proactive landlords, despite challenging market conditions.

When Worley Parsons confirmed it would be vacating the building at the expiry of its lease early this year, a repositioning program for the building started.

"This was critical to securing the lease commitment from CITIC, as was the proactive approach to the negotiations and ability to provide CITIC with a turnkey, new-generation fit-out," Mr Lewis said.

"The team worked with CITIC to provide an attractive lease solution, which will allow CITIC to relocate from about 5000sqm of space over 12 floors to highly efficient, new and fresh headquarters over three contiguous levels."

As part of the repositioning of 45 St Georges Terrace, the office space vacated by Worley Parsons was upgraded and refurbished to "A-grade" condition.

This included new ceilings, lighting, services, carpets and painting. Refurbishments were also carried on bathrooms, end-of-trip facilities and the lobby.

Sheffield Property director Mark Clapham said the leasing deal was a positive growth story for Perth's CBD office market.

"Getting these types of deals done requires the full co-operation of all parties at the table from the very outset," he said.

The West Australian

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