NAB to shift offices to $800m Melbourne tower
National Australia Bank will move its offices sprinkled around the Melbourne CBD into a new $800 million office building being developed by Canadian giant Brookfield Property Partners.
In a deal understood to have been struck on Monday, NAB will retain its Docklands building but will shift staff from several CBD and east Melbourne locations into the new landmark tower at 405 Bourke St.
Brookfield has started site works on the 29-level building which will span 66,000sqm of space, with NAB to commit to a 12-year lease over all the office floors and a ground level banking chamber. The project, with eateries and retail at ground level, is expected to finished by mid 2021.
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NAB says that its reviews of property and workspace requirements are confidential, while Brookfield declined to comment.
The bank had been eyeing a number of sites and had pared the shortlist down to Brookfield’s Bourke St site and fund manager Charter Hall’s Lonsdale St towers, where new leases have been struck with multinational media agency Dentsu and RMIT University.
In Sydney, NAB has leased a large chunk of Brookfield’s $1.9 billion Wynyard Place office and retail development in the centre of the Sydney CBD, with the sale of a stake in the project nearing.
Several local and international buyers are circling the 25 per cent interest in the development above Wynyard railway station, which includes a 27-storey office tower, with AMP Capital, super fund-backed ISPT and JPMorgan Asset Management among the potential buyers.
This article originally appeared on www.theaustralian.com.au/property.
