IOOF Commits to Refreshed 161 Collins Street
09 June 2016
Pembroke Real Estate today announced that it has secured the renewal and expansion of key tenant, IOOF, at its flagship Melbourne office building, 161 Collins Street.
A long-standing tenant of 161 Collins Street, leading financial services company, IOOF, has signed a new 10-year lease expanding the tenancy from approximately 3,980 sq m to 8,000 sq m across two floors. 161 Collins Street will be positioned as IOOF’s Melbourne headquarters, with plans to consolidate all local operations within the building.
IOOF’s renewal comes as Pembroke Real Estate embarks on an extensive refurbishment of 161 Collins Street. The vision for the heritage building includes the transformation of the ground plane to deliver a dynamic new entrance experience including an amenity rich atrium, as well as upgrades to the office floors and brand new end-of-trip facilities.
Pembroke Real Estate’s Vice President and Head of Australia, Matthew Knight, said the lease renewal of IOOF was testament to the team’s commitment to enhancing the tenant experience at 161 Collins Street.
“161 Collins Street is a proud symbol of Melbourne’s rich heritage. Its prime corner location, campus style floor plates and three frontages fronting Collins Street, Russell Street and the vibrant Flinders Lane, present an exciting opportunity for Pembroke Real Estate to create a world-class office and retail experience, designed to retain and attract tenants of the highest calibre, such as IOOF. Once complete, 161 Collins Street will become a model for the workplace of the future, actively promoting a sense of community and tenant wellness while supporting high performance and enriching the city’s wider community.”
IOOF’s Head of Facilities and Assistant Company Secretary, Michael Stanelos said the refurbishment plans present an exciting opportunity for IOOF.
“We are delighted to commit to 161 Collins Street for the foreseeable future. The prestigious location, together with the large floor plates and Pembroke Real Estate’s exciting vision to upgrade the tenant facilities, will enable us to consolidate our business operations within an exceptional office environment, complete with state-of-the-art technology and building services.”
The 161 Collins Street redevelopment swiftly follows Pembroke Real Estate’s transformation of 20 Martin Place in Sydney, from a 1970s building to striking state of the art property. Construction of the new Sydney landmark was completed in September last year.
Located in the heart of the Melbourne’s Central Business District, 161 Collins Street presents 43,000 sq m of prime grade commercial office and retail space over ten levels. Its corner location uniquely offers entry via both prestigious Collins Street and popular Flinders Lane. The deal was negotiated by Andrew Beasley and Edward Knowles of Colliers International, who are the appointed agents on behalf of Pembroke. IOOF was represented by Sam Halvorsen.
About Pembroke Real Estate
Pembroke Real Estate is an international real estate advisor that acquires, manages and develops well-located properties in the office, residential and mixed-use sectors. Focused on enhancing long-term value, Pembroke facilitates the investment of private capital of FMR LLC (Fidelity Investments) and FIL Limited into superior real estate opportunities. With offices in Boston, London, Stockholm, Sydney, Tokyo, and Washington, DC, the firm currently manages approximately 709,000 sq m / 7.6m sq ft in key markets across North America, Europe and Asia Pacific. Our commitment to excellence is evident in every one of the Pembroke properties and includes a strong commitment to the environment – more than 70 percent of the firm’s portfolio is sustainably certified, or in the process of becoming certified – and delivering the highest-performing, quality product.For more information, visit www.pembrokere.com.