500 Bourke Street Surpasses 40% leased

12 April 2023

Industry superannuation fund-backed property investor ISPT has announced its $665M A Grade commercial and mixed-use CBD asset, 500 Bourke, has leased over 40 per cent since leasing commenced.

Holding Redlich, a national commercial law firm with offices in Sydney, Canberra, Brisbane and Cairns, is the latest tenant to commit to 500 Bourke, signing an 11-year deal spanning 3,945 sqm across three levels.

One of Australia’s leading business advisory, accounting and assurance providers, PKF has also committed to the building, signing a 10-year lease for 2,200 sqm.

The new tenants will join anchor tenant partner TAL, which was the first to commit back in July 2022, alongside ISPT – which announced it would relocate its own Melbourne headquarters to 500 Bourke as part of the building’s transformation.

The multiple high-profile leasing commitments signify the increasing demand for high-quality office space, and speak to ISPT’s commitment to Environmental, Social and Governance (ESG) excellence and innovation.

Everything within the transformational building will be new, visionary and green from top to bottom. Leading the way in the industry, 500 Bourke will operate from 100 per cent renewable energy and has been carbon neutral from day one of construction, all without the need for carbon offsets.

The $150 million transformation is well underway, with completion scheduled for mid-2023.

ISPT’s General Manager, Office, Nicole Ward said 500 Bourke offers a rare opportunity for tenants, with the freedom to create a bespoke work environment that reflects their business objectives and brand.

“Holding Redlich and PKF’s commitment to 500 Bourke reaffirms how the transformational building is aligning with today’s business needs. By providing high-quality office space that prioritises brand new services, technology and market-leading amenity, an unrivalled tenant experience is guaranteed.

“500 Bourke is an exciting and truly unique opportunity, offering a completely new, innovative and energy efficient commercial office tower. Located within a new, destinational precinct, 500 Bourke offers premium onsite retail, dining and wellness amenity.

“At ISPT, we partner with our tenants. We take pride in being part of the community, and what greater endorsement of 500 Bourke can there be than the fact ISPT’s Melbourne team is moving in on completion” said Ward.

Designed by Fender Katsalidis, 500 Bourke offers 34 floors ranging from 1,272 sqm to 1,355 sqm, each brought to life as a blank canvas for imaginative interior design and fit outs, with the opportunity to create multi-level tenancies in the heart of Melbourne’s sought-after financial and legal precinct.

Smaller sized tenants are provided with fantastic opportunities to be a part of the reimagined precinct, with a number of small plug and play suites designed to facilitate the specific needs of businesses.

Tenants will enjoy access to an airy external terrace oasis, an incredible retail and dining piazza, and end-of-trip facilities with a wellness centre, creative outlets and community hub.

Joel Lentin, Chief Operating Officer at Holding Redlich said “The Melbourne team at Holding Redlich is excited to be a part of the new 500 Bourke community. 500 Bourke is a landmark building reinvented to cater to our needs now and into the future.

“We look forward to creating an outstanding new home for our people that reflects who we are and is uniquely Melbourne.”

Timothy Bow, Managing Partner at PKF said “The transformed 500 Bourke is a perfect fit for PKF in Melbourne. The modern design and integrated technology will allow us to work more efficiently in a space that is in keeping with the ethics and values of our people. It’s an exciting and positive step for us and our clients.”

Tony Landrigan, National Director at Colliers said “500 Bourke is a prime example of an offering tenants have been waiting for. The location is ideal, particularly with the new lifestyle precinct, and the fresh slate of a total internal redesign means that the spaces are considered for the office workers of 2023 and beyond.

“500 Bourke’s carbon neutral design aligns perfectly with the values of businesses that are conscious of their impact on the environment. It will appeal to tenants looking for an office that reflects their commitment to sustainability and corporate social responsibility.”