Brookfield Properties and Oxford Investa Property Partners have pulled back the curtain on the first stage of the $200 million 388 George Street redevelopment.
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Why we love this project:
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Constructed in 1976, 388 George Street was designed by Australian architect John Andrews and formerly known as King George Tower.
Refurbished in 1998 and 2009, the 28-storey office building now has a new tower lobby and state-of-the-art end-of-trip facilities.
The refurbishment delivers 38,364 sqm of A-Grade commercial office space and 2,680 sqm of prime retail space to Sydney’s CBD.
The transformation includes new interconnecting stairs to enhance connectivity and collaboration. Upgrade works also included new ceilings, carpets, bathrooms, lift floor lobbies and on-floor amenities.
Design features include a stone concierge desk carved from solid blocks of London white marble, each weighing 200 kilograms.
The end-of-trip facilities were designed with user experience in mind and will offer luxury towels, ironing and grooming stations and parking for 366 bikes. Located on level one rather than in the basement, the end-of-trip facilities have access to a dedicated lift that provides exclusive and direct connectivity from the basement level cycle parking.
The second and final stage of the project will see the delivery of a brand new FJMT-designed mixed-use pavilion to complete the project.
The mixed-use pavilion, due for delivery later this year, will add five-storeys of commercial and retail space, a rooftop bar and flagship retail stores.
“Not only have we added significant value by upgrading the existing commercial tower and developing the new retail podium on a dormant part of the site, we have also enhanced the site’s connectivity to George and King streets,” says Danny Poljak, executive vice president and co-head of Brookfield Properties.
“The development will completely transform this busy city corner and integrate with the newly pedestrianised George Street with a through-site link planned in the next stage linking to King Street.”
Oxford Investa Property Partners fund manager Nicole Quagliata says the improvements “establish the building as a leading contemporary workplace for our tenants, providing high quality amenity within a prominent Sydney CBD location”.
Brookfield Properties currently has more than $540 billion in assets under management, while Oxford Investa Property Partners is a $2.3 billion portfolio of commercial office assets owned by Oxford Properties. OIPP was formed after Oxford Properties’ $4.5 billion acquisition of the Investa Office Fund real estate investment trust in 2018.
The project, which is being delivered by construction partner Multiplex, created over 250 jobs during construction.
L-R: Danny Polijak from Brookfield Properties, Ian Lyon from Oxford Properties, Nicole Quagliata from Investa Property Group, Carl Schibrowski from Brookfield Properties