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Changing fortune

AFTER weathering a number of exits by key tenants, the building, formerly known as the AMP Building, is experiencing a change in luck.

Soon to be sporting a new moniker– the AMP signage is due to come down at the end of the year and naming rights are up for grabs for any tenant willing to pay the annual six figure fee – and undergoing a $34 million facelift, 140 St Georges Terrace has successfully landed legal firm Jackson McDonald as a new tenant.

WA Business News understands that international miner Illuka Resources and banking group Rothschild are soon to join the building’s tenant list.

All good news for the three decades old tower that faced having almost a third of its total area vacant once Computer Sciences Corporation vacates for its new corporate headquarters in Subiaco later this year.

The Jackson McDonald lease agreement marks the first major commitment to the building. The law firm signed a lease agreement for just under 3,000sqm for a term of 10 years,

Jackson McDonald will relocate from 81 St Georges Terrace, where it has been tenanted for nearly 16 years, to its new tenancy in mid 2004. Its chairman of partners Graham Goerke said the building’s location offered their clients convenience to the courts, public transport and other city amenities.

Leasing agent CB Richard Ellis’s Andrew Denny said the building was having success attracting tenants because of the refurbishment investment, its location and because many tenants did not want to pay premium grade rent.

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