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In 2006, Commonwealth Law Courts was set to leave 25 Grenfell Street for purpose built accommodation. Together with additional vacancies, a total of 10,000 sqm of space were made available for the development. Jones Lang LaSalle was tasked to develop a refurbishment strategy in order to re-market the building.
First, we provided the owner an analysis of the vacant and new build space. Second, we advised refurbishment considerations to maximise opportunities. Third, we collaborated with a marketing consultant to develop a marketing collateral. Lastly, we devised a leasing strategy for key areas within the office tower and ground floor and undertook subsequent leasing.
As a result of these initiatives, the building’s office component is now 100% occupied. We helped secure the pre-commitment of Minter Ellison, one of the largest full-service law firms in the Asia Pacific region, even before Commonwealth Law Court’s transfer. There were also subsequent leases to Lipman Karas Lawyers, Davis Langdon, Goodman International, Tolhurst, Robert Walters, QPL, Heathgate Resources and the state government. In addition, we were able to grow the building’s rental rate by 25% and increase its market value. Most importantly, we helped change the market’s perception of the tower.