Major leasing transaction (Sydney Metro)

In 2013, Matt Spillane had a lead role in negotiating a major lease renewal for Commonwealth Bank of Australia (CBA) over approximately 40,00sqm of office space in metropolitan Sydney.

Background

CBA occupied two commercial buildings in the Parramatta CBD which represented a material portion of income for Commonwealth Property Office Fund (CPA), a top 100 Australian listed entity.

Scope

Negotiations included CPA undertaking a major refurbishment of one of the buildings with the tenant remaining in-situ, together with the option of developing an additional building  for future growth. Over a 12-month period we achieved excellent engagement with CBA and achieved commercial terms that were acceptable to both parties. Commonwealth Property Office Fund was subsequently taken over by DEXUS.