In one of the city's biggest office leasing deals in the past year, Telstra will be renewing its lease for its Brisbane office after finalising a deal with fund manager Charter Hall and Singapore's Keppel REIT.
The lease will run until 2029 and includes Telstra taking up around 30,000 square metres across two properties, 275 George Street and 69 Ann Street.
The building on Anne Street is owned by a Charter Hall fund but the George Street tower, developed in 2009, is jointly owned by the unlisted Charter Hall Prime Office Fund and Keppel REIT.
Charter Hall head of office Adrian Taylor said he was pleased with the major telco's decision to renew the lease and continue their business relationship, and said their commitment to both buildings is a strong portfolio endorsement.
"Their commitment to both buildings is a strong endorsement of the quality of our more than $8 billion office portfolio and our commitment to collaborate with our customers to achieve great workspace experiences.”
According to The Australian, 275 George Street is a modern office and retail space that has set standards in building quality, energy efficiency and amenity. The property spans 40,317 square metres of prime commercial office space over 30 levels with associated retail space and 244 basement car park bays.
Darren Whitney, acting director for Telstra's property arm, said the lease agreement confirmed the George Street address as the telco's collaborative hub for its Brisbane teams.
Charter Hall Prime Office Fund Manager Craig Newman said the company continues to be one of the top three performers in the IPD Australia Unlisted Wholesale Property Fund Index, with a one-year return of 15.4 per cent which makes it the highest performing fund amongst its peers in the office sector.