Adelaide CBD Office Building Fully Leased

99 Frome Street, Adelaide

Thousands of square metres of an Adelaide CBD office building have been leased, bringing the asset to full occupancy, and demonstrating the importance of maintaining positive relationships with landlords and servicing tenants.

McGees Property’s Charlie Caruso handled the leasing of 99 Frome Street, as well as the property management.

The completed deal with ElectraNet across the top two floors of the building follows McGees’ recent successful leasing of the ground floor – which had been vacant for almost 12 years – bringing the building to full occupancy.

Caruso said ElectraNet has committed to a brand-new long-term lease.

“Originally, it occupied 1,250sqm on level one of the building; however, following the sale of the building and the successful expansion of its business, ElectraNet engaged McGees to begin negotiations for their expansion into the newly-vacant level two,” he said.

Electranet retained and extended its current lease on level one, and increased its total presence in the building to over 2,600sqm.

“A combination of well-placed location, great on-site parking, and positive service from the property management team and new landlord is what attracted ElectraNet to not only remain in the building, but to more than double their footprint,” Caruso said. 

Located on what many would refer to as the Eastern Frame of the CBD, buildings like 99 Frome Street and others of similar quality, amenity and position succeed in securing tenants with face rentals in the range of $475 to $525 per sqm; incentives hover around the 30% range, taken either as rental rebates or fit-out contributions.

“Deals such as this demonstrate how maintaining positive relationships and servicing tenants can help landlords in their abilities to retain tenants inside of a commercially competitive office leasing market,” Caruso said.

“In a market where landlords are competing over multi-thousand square metre tenancy requirements as large corporations shop around their briefs in the market, success in office leasing often goes beyond simple dollars and cents and still values client relations.”