Darling Park sparks up with tenant reshuffle

Darling Park in Sydney has won a series of new tenants.

The owners of Sydney landmark Darling Park have struck several major leases in deals covering about 30,000sq m of new space in the revamped office precinct, replacing holes left by the exit of Commonwealth Bank and Salesforce.

The big four bank contracted out of low and mid-rise space, totalling 34,034sq m in Darling Park One, while Salesforce shifted to the new Salesforce Tower at Circular Quay, vacating 7395sq m in Darling Park Three.

While incentives – in line with the market – were paid to win tenants, the deals show some confidence in the city’s western corridor market as many tenants have refocused on the city core.

The three-tower complex has a trio of owners – Darling Park One and Two are co-owned by the GPT Wholesale Office Fund, GPT Group and the Mirvac Wholesale Office Fund. Darling Park Three is owned by the GPT fund.

In Darling Park One, more than 21,000sq m of leases have been committed. Tabcorp, Cuscal, Suntory Oceania and Pegasystems are all set to take up space in the tower. Tabcorp has leased levels four and five over 3726sq m in Darling Park One, which was previously occupied by CBA.

Pegasystems have taken part of level 9 – about 1003sq m – in the tower that had been bank space. In Darling Park Two, new tenants include NEC and Maxiron Group. NEC has leased part of level 22 (478sq m). That floor had been leased to Rabobank and was subsequently refurbished and subdivided into suites. Maxiron has also leased part of that level, taking 427sq m.

In Darling Park Three, more than 6600sq m of leases have been committed, including the Australian Institute of Company Directors, Compare Club and The Entourage. They have all moved in, with the AICD leasing 2977sq m on levels 12 and 13; The Entourage in 694sq m on part level five; and Compare Club taking 1461sq m on level 10.

GWOF fund manager Chris Blackmore and MWOF fund manager Kit Georgeos said Darling Park ”continues to be an attractive location for our customers”.

“It offers a unique environment that encourages collaboration and creativity through its central garden area, cafes and tech-enabled meeting areas throughout the extensive lobby.”

GPT’s Space&Co has also opened at Darling Park, with a flex space of 2293sq m.

JLL head of office leasing NSW, Will Hamilton, said that the leasing was a great example of landlords actively listening to and responding to tenant customers’ evolving needs and preferences.