03/05/2012 - 14:55

Atlas deal fills new Raine Square tower

03/05/2012 - 14:55

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Atlas deal fills new Raine Square tower
All of the commercial space at Raine Square has been allocated, with Atlas Iron to take up four floors around June/July.

Atlas Iron has outgrown its current home at Alluvion on Mounts Bay Road, and will move into the $500 million Raine Square office tower by the end of the financial year, highlighting the tight office market in central Perth.

Just over a year after taking up residence at Alluvion, the Pilbara-focused miner will take up approximately four floors of space in the office component of Raine Square, which has been re-branded as Bankwest Place.

It is understood Alluvion's anchor-tenant, engineering group Clough, will be taking up Atlas’ vacated space.

Atlas’ internal fitout at Raine Square will be carried out by construction and property firm CDI Group.

The move is the latest in a series of high-profile tenancy changes before Raine Square is officially opened.

Raine Square developer Saracen Properties agreed to lease the entire 42,500 square metre building to Bankwest on a 12-year lease in October 2006, with two options for three additional years once the original lease term is up, upon completion of the tower.

After allocating 14 floors of space to move its entire staff to the tower, Bankwest determined it had seven floors of commercial space available for sub-lease.

In May 2010, Barrick Gold pre-committed to sub-let from Bankwest three floors, or 4,500sqm, of Raine Square space surplus to Bankwest’s requirements, at a rent of $675 per square metre.

It is understood that when Bankwest struck its pre-commitment agreement with Saracen Properties, the agreed lease was about $395/sqm.

Barrick cancelled its sub-lease agreement to take up the space in October 2010.

Bankwest has since agreed to sub-let three floors of space to Squire Sanders, with the law practice understood to be marketing one of its floors under a sub-lease arrangement.

Squire Sanders’ Raine Square fitout is also being carried out by CDI Group. 

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