THE GPT GROUP 18 December 2014
Insurance Australia Group (IAG) will consolidate its three Sydney CBD premises to Darling Park Tower 2, Sydney occupying the whole of the low and mid-rise floors which will span approximately 33,000sqm.
IAG is scheduled to move into the building in 2018 on a lease period of 12 years, replacing the current tenant, PricewaterhouseCoopers (PwC).
The premium, 5 Star NABERS rated office at Darling Harbour is jointly owned by the GPT Wholesale Office Fund (GWOF), AMP Capital Wholesale Office Fund (AWOF) and Brookfield.
In what is one of the biggest leasing deals for Sydney in 2014, IAG will relocate from its three CBD offices at 388 George Street, 347 Kent Street and 309 Kent Street Sydney. IAG joins large scale, blue chip tenants in the Darling Park precinct, including Commonwealth Bank of Australia and Rabobank.
Speaking on behalf of the co-owners, GWOF Fund Manager Martin Ritchie said securing IAG was an excellent outcome and the co-owners were looking forward to welcoming the insurance industry market leader.
"Darling Park will be the ideal home for IAG. This is a unique precinct that combines premium grade office space with extensive and award winning public spaces," Mr Ritchie said.
"The combination creates a dynamic and engaging work environment, which was a key objective for IAG."
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