#Australia#Suncorp#Brisbane#Mirvac#M&G Property#Ann Street

Suncorp and Mirvac sign largest leasing deal in over a decade for Brisbane tower

Galia Ilan
|Jul 16|magazine5 min read

Suncorp has announced it will be the new major tenant for the AU$836mn (US$620m) Brisbane office tower, located at 80 Ann Street.

Mirvac, the Australian Stock Exchange-listed real estate company, secured Suncorp marking the largest leasing agreement in over a decade.

The finance and insurance firm located in the Queensland capital has committed to 39,600sqm of the building – around 66% of the lettable space – for a period of 10 years.

“We are delighted to have secured Suncorp for our proposed development at 80 Ann Street, demonstrating our ability to collaborate with our customers and respond to their needs,” stated the CEO and Managing Director of Mirvac, Susan Lloyd-Hurwitz.

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“Working closely with Suncorp over a number of months, as well as our architects on this project, Woods Bagot, we have been able to provide Suncorp with a superior, bespoke workplace solution that meets all of their strategic objectives, and allows for flexibility into the future.”

“This premium office development reinforces our unique asset creation capability, and further adds to our young and modern $2.3 billion office and industrial development pipeline, supporting secure, high-quality future income for the Group,” added Ms Lloyd-Hurwitz.

Mirvac also announced that M&G Property’s Asian fund will acquire 50% of the building for AU$418mn (US$310mn).

The deal will make the property fund responsible for financing 50% of the construction and development of the tower.