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Marks & Sands makes the move to The Esplanade

MARKS & Sands has negotiated a new lease at 30 The Esplanade in a move that will end the firm’s 10 years at Exchange Plaza.

The shift is also significant in that the firm is moving away from a traditional CBD office tower to a smaller, boutique property.

CB Richard Ellis commercial leasing director Andrew Denny said 30 The Esplanade offered the firm a very different type of property.

“They’ve been in Exchange Plaza for 10 years,” Mr Denny said.

“I suppose the building they’ve chosen offers them some real presence in a quality building with an outlook.

“It’s one of the oldest heritage facades in the city and it has a totally brand new interior.”

Marks & Sands has leased all of level nine and 10 of 30 The Esplanade, totalling more than 800sq m.

It’s understood the move away from St Georges Terrace has allowed the firm to achieve considerable rent savings, with leasing costs at the new property believed to be less than $200sq m, significantly less than the $300sq m-plus prices for premium office property in the CBD.

Tenant advisory firm Property Resources Consulting (PRC) acted on behalf of Marks & Sands.

PRC director Charles Kellett was unwilling to make any comment on the terms of the lease, saying only that the terms were “confidential”.

30 The Esplanade was originally the home of the WA Turf Club.

The heritage exterior of the building has been fully restored in line with the Heritage Council guidelines.

It’s understood the move coincides with the departure of partner Roger Sands, however Marks & Sands partner Peter Murray said the two events were not connected.

Marks & Sands is one of Perth’s biggest independent law firms.

The business also has a branch office located in Merredin.

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