The Quays to a city hotspot
The Courier Mail, 20/10/2006
Construction on Citimark's redeveloped office building at 179 North Quay will wrap up in the coming weeks with the tower almost fully leased.
A State government department has signed up for 10 levels - the ground floor up to level 9 - of the former Brisbane Magistrates' building in a deal negotiated by Tim Mahony of DTZ Australia.
The lease represents the first major deal concluded by the agency which was set up in Brisbane just a few months ago.
Mr Mahony said he approached the State Government about the space because he was aware they were large users of private accommodation in the CBD.
"The best thing about that building is that Citimark did a full refurbishment," he said. "They did not hold back on anything so all the finishes were perfect."
The old jail cells disappeared under the refurbishment to make way for car parking and the magistrates' personal lifts have been removed to offer more floor space.
Mr Mahony said work on the building had brought it up to an A-Grade standard with floor plates of 586 sq m.
"Before they built the building Citimark talked to tenants and really tried to get an understanding of what tenants wanted," he said.
The State Government has signed up to the space for six years.
While leasing rates were not revealed industry sources say a building of that nature would attract about $435/sq m.
Citimark development manager Craig Somerville said they were pleased to have the building near full before its October 31 completion date.
He said there were commitments now for all but the top floor of the building.
Signage rights are also still up for grabs.
Mr Somerville said the aim from the outset had been to offer high-quality office accommodation in an area of the part of the city which is expected to undergo a resurgence of interest by office users.
The Brisbane City Council and a consortium of developers have united in a bid to return that area of the city to a vibrant commercial and retailing hub, to be labelled North Quarter.
The area is bounded by Turbot St, George St, North Quay, Upper Roma St and the riverfront.
Mr Mahony said 179 North Quay had proved popular with tenants from the outset particularly with vacancy rates in the CBD at an historic low. He was appointed to lease the property with Jones Lang LaSalle.
James Palmer and Mark Curtain of Jones Lang LaSalle have both finalised leases for floors in the building.
A State government department has signed up for 10 levels - the ground floor up to level 9 - of the former Brisbane Magistrates' building in a deal negotiated by Tim Mahony of DTZ Australia.
The lease represents the first major deal concluded by the agency which was set up in Brisbane just a few months ago.
Mr Mahony said he approached the State Government about the space because he was aware they were large users of private accommodation in the CBD.
"The best thing about that building is that Citimark did a full refurbishment," he said. "They did not hold back on anything so all the finishes were perfect."
The old jail cells disappeared under the refurbishment to make way for car parking and the magistrates' personal lifts have been removed to offer more floor space.
Mr Mahony said work on the building had brought it up to an A-Grade standard with floor plates of 586 sq m.
"Before they built the building Citimark talked to tenants and really tried to get an understanding of what tenants wanted," he said.
The State Government has signed up to the space for six years.
While leasing rates were not revealed industry sources say a building of that nature would attract about $435/sq m.
Citimark development manager Craig Somerville said they were pleased to have the building near full before its October 31 completion date.
He said there were commitments now for all but the top floor of the building.
Signage rights are also still up for grabs.
Mr Somerville said the aim from the outset had been to offer high-quality office accommodation in an area of the part of the city which is expected to undergo a resurgence of interest by office users.
The Brisbane City Council and a consortium of developers have united in a bid to return that area of the city to a vibrant commercial and retailing hub, to be labelled North Quarter.
The area is bounded by Turbot St, George St, North Quay, Upper Roma St and the riverfront.
Mr Mahony said 179 North Quay had proved popular with tenants from the outset particularly with vacancy rates in the CBD at an historic low. He was appointed to lease the property with Jones Lang LaSalle.
James Palmer and Mark Curtain of Jones Lang LaSalle have both finalised leases for floors in the building.
