388 George Street 100% leased15 November 2023
The ‘flight to quality’ trend characterising Sydney’s commercial leasing sector continues with a total of 6,585 square metres of office space recently leased within Brookfield and Investa Gateway Office Fund’s 388 George Street – bringing the recently redeveloped 28-level office tower to 100% leased.
PVH Brands, one of the world’s largest global lifestyle companies with a stable of iconic brands including Calvin Klein and Tommy Hilfinger, has leased 5,000 square metres from Levels 8 to 11 on a 7-year term. It joins fellow commercial tenants Aware Super, QBE Insurance, CoreLogic, ECP Asset Management, Johnson Partners, Chapman Eastway, Drake International and The Commons.
Other leases include:
• Puig, a family-owned fashion, and fragrance business with brands including Carolina Herrera, Byredo, Charlotte Tilbury and Comme des Garçons, taking 650 square metres on Level 5 on a ~4.25 year term;
• Go1, an established leader in online learning and education, 435 square metres on Level 5 on a ~4.5 year term; and
• OMG (Openmarkets), one of Australia’s largest retail brokers, taking 500 square metres on Level 15 on a ~4 year term.
Danny Poljak, President of Brookfield Properties, said: “We are delighted to achieve 100% occupancy at 388 George Street which has been a fantastic example of transforming an existing asset to a premier asset through a well-considered redevelopment. The deals struck reflect the ongoing ‘flight to quality’ trend in the market and are testimony to the ongoing demand for high-quality, well-located space within the Sydney CBD.”
Clifford Leeson, Investment Manager for IGO said: “The repositioning of 388 George Street has created a landmark sought-after luxury and commercial precinct. We are delighted to welcome PVH Brands to its new Australian head office, right in the heart of the precinct.”
388 George Street was recently awarded a Well Core Gold Rating – representing the building’s best-in-class approach to tenant wellbeing. It has also achieved a 5 Star NABERS Energy rating, and is targeting a 5.0 Star NABERS Indoor Environment Quality rating.
The commercial tenants are well serviced by retail amenity, with Locali by Romeo’s operating its signature supermarket and food hall concept beneath the tower. Other retailers in the precinct include luxury retailers Cartier and Bally, with the Esca Group opening an exciting Japanese rooftop bar and restaurant in the podium building next year, and premier watch retailer Swiss Concept opening on George Street also next year.