International management consultancy company AT Kearney (ATK) has secured an exclusive whole floor office tenancy with views over the Sydney Harbour Bridge and the Opera House in the revamped Museum of Contemporary Art (MCA) building.
ATK, which is located in major business centres in 39 countries, has taken out a five year lease for approximately 900 sqm on the fifth floor in the iconic MCA building at 140 George Street, The Rocks.
The deal was negotiated by Ray White Commercial Office Leasing directors Anthony Harris and Jeremy Piggin.
Mr Harris said as a consequence of the MCA’s $53 million redevelopment of the new public gallery, venue and rooftop venues, supply of office space within the original MCA building became available for lease on the floor that was once the original venue and function floor operated by the MCA.
“This was truly a unique opportunity never to be repeated, to find your own floor of 900 sqm directly on the waterfront of Circular Quay and having two huge entertaining decks of approximately 150 sqm each is something many corporate tenants would give their eye teeth for,” Mr Harris said.
Mr Piggin said the move for ATK represented a major shift in building style and culture. “They had occupied space in Governor Philip Tower, a premium high rise office tower for many years,” he said.
“This shift to a smaller boutique building which is identified as a cultural institution was not part of ATK's initial brief, however the benefits quickly came to the surface."
Mr Harris commented: "The MCA and ATK saw potential partnerships in the sponsoring of new art exhibitions, education programs as well as networking at a board level between the two organisations.
“The potential for ATK to use the MCA's function and venue spaces for occasional corporate launches and business activities was also a tangible opportunity for ATK."
Mr Harris said despite Sydney being a harbour city, the supply of water front office space is a limited commodity.
“If you want to be on the water side of the Cahill Expressway the only present opportunity is 71 Macquarie Street, which is now majority leased,” he said.
“71 Macquarie Street is owned by AMP Capital Investors who have teamedup with the Mirvac Group to develop a luxury apartment tower. The 15 floor building was completed in 1966 for Coca-Cola and is now leased to a variety of smaller tenants on a short-term basis.”
AT Kearney is believed to be paying what industry sources estimate to be annual gross rental of approximately $800 - $900 per sqm, with incentives in the 'low to mid teen’s'. The cash flow in this
transaction provided the MCA with an important income stream for its ongoing operation.
ENDS
Further inquiries:
Jeremy Piggin
Ray White Commercial Director (Office Leasing)
Mb: 0413 336 161
Email: jpiggin@raywhite.com