Quality refurb delivers results for century-old CBD office building

The historic Atelier Exchange at 351 Elizabeth Street is fully leased 12 months after being relaunched following a major refurbishment.

JLL Melbourne Leasing’s Alex Harper and Sam Friend said the building is an example of how niche marketing and a quality makeover can make a 100 year old building relevant in today’s market.

Building owner, T Corp Group, purchased the former ANZ bank building in 2000 and rebranded it Atelier Exchange.

Originally designed in 1926 by notable architects Butler and Market, the name, Atelier Exchange honours its prosperous banking heritage with ANZ and architectural spirit of integrity, strength and creativity.

Mr Friend said the building was leased via a highly targeted marketing campaign focusing on small businesses in the creative sector.

“This has had a positive effect on rentals that averaged over $600 sqm net combined with fair incentives,” he said.

Mr Friend said the 18-month total refurbishment of the Art Deco building, combined with its central location and access to public transport, was very attractive to its key markets.

Ms Harper said tenants were attracted by the light-filled spaces, soaring ceilings and custom details, finished at the highest standards and designed to inspire creative expression, with versatile designs tailored to fit.
The six-level building offered a double ceiling height ground floor tenancy, and the upper floors have outdoor terraces.

Jim Theodore, Managing Director of the T Corp Group family office, said the corner site across from Melbourne Central, has come back to life and includes details such as footpath lights and the original bank entrance which we restored during the COVID lock downs. After the devastating close-down of Melbourne CBD, our family was proud to bring this building back to Melbourne.

Mr Theodore added, with the JLL team’s and our contractor’s incredible work and support from our bankers at CBA, we found that tenants were also keen to work with us to bring their brands and businesses to this quintessential Melbourne location.

The tenant fitouts look incredible and to be fully leased and occupied in under 12 months from completion, is a great outcome for all involved, and for this part of Melbourne.

JLL Melbourne leased the 1527 sqm of office space and the F45 tenancy while conjunctional agency Teska Carson assisted Cushman & Wakefield in the 267 sqm ground floor retail deal.