Macquarie Bank and Wood plc commit to former Woodside HQ

Real estate investment trust Dexus has filled more than half of 240 St Georges Terrace – the Woodside Petroleum building – with Macquarie Bank and engineering group Wood plc committing to about 22,870 square metres of space at the tower.

Woodside Petroleum will fully vacate the building in December this year - its staff have already  moved to its new accommodation at the old Emu Brewery site on Mount Street.

Dexus said Wood has committed to 9,198sqm of space on levels one to four, commencing February 2019.

Macquarie committed to 3,311sqm on the top two floors of the building, starting July 2019.

Wood and Macquarie join previously announced commitments from CBH Group and HWL Ebsworth Lawyers.

“We are pleased to be able to provide Macquarie and Wood with a new address for their state offices, and satisfy their needs for a well-located, premium quality workplace offering superior amenity," Dexus head of office and industrial leasing, Chris Hynes, said.

“We’ve been able to capitalise on improving economic and market fundamentals as we reposition the building.”

“Western Australia is shrugging off the impacts of the mining downturn and we are certainly seeing more optimism from the broader business community.”

Dexus disclosed early this year it has budgeted $165 million for refurbishment and development at 240 St Georges Terrace including the creation of a new street entry, new end-of-trip facilities, and an improved retail offering.

The leasing commitments come as a Colliers International research and forecast report said the Perth CBD office market vacancy rate remained high at 19.4 per cent, with approximately 342,346sqm of vacant space at July 2018.