Software company SAP is joining the Channel Nine network as a tenant in Winten Property Group’s 39-storey 1 Denison Street office skyscraper.
SAP has confirmed plans it will relocate its Australian and New Zealand headquarters to the tower, with the technology company leasing 6000sq m of space in the North Sydney building.
CBRE represented Winten in the lease negotiations. SAP has signed a 10-year agreement and is relocating its headquarters following the expiry of its lease in nearby 168 Walker Street.
The latest major leasing news for Winten’s tower follows Channel 9’s 17,000sq m commitment at the end of last year. The Nine Network sold its historic Willoughby studios to Hong Kong-based investors for $147.4 million.
Winten appointed contractor Multiplex as its construction partner for the $1 billion tower early last month. Multiplex’s appointment came after the Winten Group terminated Grocon’s $200 million construction contract after Grocon was delayed in providing a performance construction bond.
Winten development director Stuart Vaughan said that the company was pleased to welcome SAP as a tenant, adding that the tower is now 40 per cent pre-committed.
A further 33,000sq m is still available for lease.
CBRE regional director John Hickey said that the tower, which is located adjacent to the new Metro train station, will create a “vibrant new hub” for North Sydney thanks to the council’s pedestrianisation of the area.
“This will attract new tenants to the market and assist in the retention of major North Sydney occupiers such as SAP,” Hickey said.
1 Denison Street will incorporate 2000sq m of ground floor retail to complement 58,000sq m of A-grade office space. Net office rents average $885 per square metre.