Tall & Urban News

CBRE Global Investors has topped out its 118 Mount Street project in North Sydney, set to become the new headquarters for Zurich Financial Services Australia.

The commercial tower, being delivered by Sydney-based construction company Roberts Pizzarotti, will include 20,500 square meters of commercial office space together with 33 car parking spaces, a rooftop terrace, end-of-trip facilities, and a lobby cafe.

CBRE GI, a global heavyweight with a diversified property portfolio, picked up the grade-A office asset in a deal worth US$350 million from Zurich Insurance Group late last year.

Zurich will deliver the building in partnership with Roberts Pizzarotti before handing it over to CBRE GI.

Zurich is pre-committed as the anchor tenant to more than 65 percent of the FJMT-designed 25-story tower on a 10-year term, and will move into the building on its completion later this year.

In an attempt to uphold social distancing, the building's topping out ceremony was live streamed into the head office of Zurich in Switzerland, Roberts Pizzarotti’s site offices around Sydney and to other key stakeholders of CBRE Global Investors around the world.

The building's partial completion comes as the North Sydney office sector is undergoing a resurgence in popularity and development with an influx of investment in commercial schemes from Singapore, US, United Kingdom, and China.

CBRE Global Investors managing director for Australia Chris Johnston said the tower's completion marked an important contribution to the growth and revitalization of North Sydney.

“North Sydney is one of Australia’s fastest-growing CBDs and as our client’s first acquisition in Australia, it represented an outstanding opportunity to invest, with both major infrastructure investments nearby and high demand for Grade-A office space outside the Sydney CBD,” Johnston said.

Around the corner is 1 Denison Street, a US$1 billion project being built by Multiplex for owners Winten Group, topped out earlier this year.

Anchor tenant Nine Entertainment Co has committed to 17,000 square meters of space within the building, set to become North Sydney's tallest tower, while Microsoft will take on 10,600 square meters.

Last year, Dexus completed its AU$700 million (US$484 million) office development at 100 Mount Street, delivering 42,100 square meters of commercial space.

Sydney developer Thirdi has listed a mega development site—comprising five buildings between 2-4 Blue Street and 1-5 William Street— slated to be home to an AU$330 million (US$228 million) development.

Other groups such as Mirvac have also used the strata renewal strategy to access commercial sites in North Sydney.

For more on this story, go to The Urban Developer.