North Sydney’s Tallest Commercial Tower Tops Out

The thriving Sydney North Shore office market will soon welcome 100 Mount Street, which has topped out after two years of construction.

Developed by Australia’s largest landlord, Dexus, the $600 million tower will deliver 42,100sq m of space and will be North Sydney’s tallest commercial tower, topping out at 35-storeys.

Marketed by Dexus as “the defining landmark of North Sydney”, the tower is 63 per cent leased ahead of its early-2019 completion.

The tower will not stand as North Sydney’s tallest commercial building for long, with Winten Property Group’s $1 billion 1 Denison Street soon to overtake it, at 39-storeys and 60,000sq m of office space.

Winten appointed Multiplex to deliver the tower earlier this year after terminating a $200 million construction contract with Grocon.

Anchor tenant at 100 Mount Street, Laing O’Rourke – who is also building the tower – pre-committed to the tower prior to commencing construction in 2016. Government-owned Nbn Co committed to 48 per cent of the building a year ago, consolidating multiple Sydney offices to lease 20,364 square metres.

Related: Dexus Affirms Guidance After Strong Leasing Results

The project is 100 per cent owned by Dexus and its unlisted Dexus Wholesale Property Fund.

Dexus chief investment officer Ross Du Vernet celebrated the topping out milestone with Laing O’Rourke Australia managing director Cathal O’Rourke, member for North Sydney Trent Zimmermann MP, member for the North Shore Felicity Wilson MP and North Sydney Mayor Jilly Gibson.

“We are excited to be leading North Sydney’s revitalisation through the creation of our premium office development which will bring around 4,000 workers to the North Sydney CBD,” Du Vernet said.

The development is within walking distance to the new Victoria Cross Metro Station, and is targeting 5 Star Green Star and 5 star NABERS energy ratings.

The tower is designed by Architectus in collaboration with Chicago-based firm SOM.