CBA and Lendlease strike a deal on Darling Square
Lendlease and Commonwealth Bank of Australia continue their fruitful partnership as the bank signs on as tenant for a next generation office at Sydney’s Darling Square.
The proposed $300 million mixed-use building has been acquired by Lendlease’s development arm Australian Prime Property Fund Commercial and one of Australia’s largest superannuation funds, First State Super.
According to Kylie Rampa, managing director of Australian investment management for Lendlease, the purchase was in line with the company’s emphasis on “next generation, highly sustainable assets”.
The 26,000 sqm space, on the site of the old Entertainment Centre car park, will be the only office building in Darling Square, and will continue Lendlease’s regeneration of the Darling Harbour precinct.
“Darling Square will have about 20 workers and 40 residents, including more than 1000 students, who will enjoy a vibrant village atmosphere that also includes new public spaces, shops and cafes,” says Lendlease’s managing director of urban regeneration, Jonathan Emery.
Commonwealth Bank of Australia is looking to move around 3000 staff into the new office, which it will occupy on a 12-year lease.
The bank’s chief financial officer David Craig says the move is “another step to ensuring we have world-class solutions in place to support our organisation’s future workplace needs.”
Lendlease is targeting 6 Star Green Star ratings, representing ‘world leadership’ in sustainable design, construction and interior fitout, as well as a 5-Star NABERS Energy rating.
The partnership between Commonwealth Bank Place and Lendlease has been a fruitful one. Commonwealth Bank Place and Darling Quarter, completed in 2012 at a cost of $0 million, was named ‘Australian Development of the Year’ in 2013 at the Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards.
Commonwealth Bank Place is also the first in Australia to achieve the ‘quadrella’ of 6 Star Green Star ratings for design, construction, interior fitout and operational performance.