BP to move to QV1

BP Australia has inked a deal to move to QV1, marking the first major leasing deal announced for the 42-storey office tower this year.

The energy company is set to move from its current Perth offices at 240 St Georges Terrace and Dynons Plaza at 905 Hay Street.

BP has signed a five-year deal to occupy 3,308sqm across levels nine and 10 of QV1.

The move marks a consolidation of its two Perth offices and an expansion of their footprint.

CBRE director advisory and transaction services Luke Bray commented on the transaction, highlighting BP’s occupancy at QV1 five years ago.

“Familiar with the building and its offerings, BP was eager to re-embrace a premium work experience, complete with access to a diverse range of onsite amenities for their staff,” Mr Bray said.

“The new QV1 tenancy is larger than their current premises, providing the flexibility and opportunity to support their future expansion.”

Between 2011 and 2019, BP occupied the eighth floor of QV1.

The recent deal follows the exit of former anchor tenants Chevron and Herbert Smith Freehills to Brookfield’s One The Esplanade in Elizabeth Quay last year.

This left 40,000sqm available in QV1, which is owned by AXA Investment Managers- and Investa Commercial Property Fund.

Leasing agents CBRE have since filled at least 13,000sqm of the building, which underwent a $150 million overhaul over the past few years.

Japanese electricity company JERA Australia and stockbroking firm Euroz Hartleys moved to QV1 last year, taking up 1,636sqm and 2,504sqm respectively.

QV1 General Manager Theo Smyrniotis said QV1’s industry leading environmental credentials was a key factor underpinning the deal.

Speaking to Business News earlier this year, CBRE senior director office leasing Andrew Denny said leasing for 2024 was strong, with about 7,000sqm of deals in the pipeline.

QV1 general manager Theo Smyrniotis said the building’s sustainability credentials were a drawcard for BP.

“Sustainability has become a market differentiator – helping organisations enhance their own competitiveness in the market by aligning with buildings that have a strong green focus,” he said.

“Tenants also see value in securing space in sustainable buildings that remain focused on long-term resilience and future-proofing.”

QV1 recently achieved carbon neutral certification from Climate Active, WELL Equity and a Gold WELL Core rating by the International sustainability organisation the Well Building Institute. 

Cushman & Wakefield have recently been announced as joint leasing agents for QV1, replacing Savills.

In other leasing news, Knight Frank Australia has brokered a deal for the Insurance Commission of WA to move into Capital Square 2. 

ICWA will relocate from 221 St Georges Terrace to take up the top four levels of the BDO-anchored building, after signing a 10-year lease for 6,700sqm. 

This follows a commitment from the Federal Government to lease the sixth and seventh floors at One The Esplanade, over a 4,000sqm area.