Major Lease Commitments to 101 Collins Spur Office Sector

15 July 2021

A number of major occupiers have signed new or renewed leases at leading Melbourne commercial asset 101 Collins Street, signalling early signs of strong recovery across Australia’s office markets.

The largest new tenant to be joining the 101 Collins cohort will be full-service stockbroking and wealth management firm, Canaccord Genuity. Committing to all of level 42, which will shortly be vacated by Herbert Smith Freehills, the firm will occupy a 1,572m² space on a 10-year lease commencing early 2022.

Canaccord CEO, Marcus Freeman said the firm is looking forward to making the move to 101 Collins: “ 101 Collins Street is the premier building in the premier location in the Melbourne CBD. It is pleasing to see building management’s continued commitment to tenant experience – the recent upgrade to amenities are the best on offer which I know our staff will fully embrace when we move in.”

Also joining the coveted address is The Riverside Company. The Australian arm of the US-based private equity firm has taken 374m² of level 21 on a 5-year term.

Despite lockdowns since the start of the pandemic, 101 Collins has seen a slew of lease renewals with seven existing tenants reaffirming their long-term commitment and many expanding their footprint to support future growth plans.

Earlier this year, national law firm Gilbert + Tobin welcomed staff to its new and extended space across levels 24 and 25 (3,484m² floorspace total).

Announcing the re-opening of Gilbert +Tobin’s Melbourne office, Gilbert + Tobin partner Simon Muys, who led the new office project said: “ We’re proud of the new space. It provides an open, collaborative environment for our people with stronger technological and event capabilities and enhanced training and development options – to support our successful and growing Melbourne practice.”

World-leading IT and networking company, Cisco will commence a renewed 5-year lease in October this year over a total of 2,288m² across part of levels 11 and 14. 101 Collins is home to one of the company’s flagship sites and showcases hybrid working capabilities through innovative technology.

J.P. Morgan will also be remaining at 101 Collins Street, having renewed their lease over part of level 31 from November this year.

Peter Calwell, General Manager at 101 Collins said the commitment of these prestigious occupiers reaffirms the building’s position at the forefront of the commercial market. “ These deals represent commitments to nearly 11,000sqm of space and are a clear demonstration of corporate Australia’s ongoing commitment to the office.

“ Throughout all of our conversations with 101 occupiers in 2021 there’s a clear theme, we’re hearing that business leaders are keen to foster fit-for-purpose spaces where their teams can be brought together for training, mentoring, maintaining of culture.

“ We took the downtime over 2020 to assess how we do things and accelerate improvements to the occupier experience. This included achieving a 6-star NABERS Indoor Environment Rating, and the creation of a contactless delivery lounge for parcel collection, along with a number of other market leading amenities that we hope to roll out over the next 24 months.”