BDO finalises one of Brisbane's largest leasing deals in the past 12 months
BDO Brisbane today announced it has committed to a new corporate address in the CBD, finalising one of the largest leasing deals on existing A-grade assets in Brisbane’s financial precinct in the past 12 months.
After almost 20 years at 300 Queen Street, BDO Brisbane will move to 12 Creek Street, “The Blue Tower”, in early 2013 and take exclusive signage rights for the premier office building.
The firm has committed to lease more than 6,000 square metres of office over six floors, with the option for expansion space. BDO has signed a 12-year lease term.
BDO Brisbane Managing Partner Tony Schiffmann said the move was a result of the firm’s strong growth over the past two decades.
“The firm moved into 300 Queen Street in 1993 when it was a quarter of the size it is today,” Mr Schiffmann said.
“Over this time we have experienced consistent positive growth, particularly over the past three years when other industry participants have experienced a slow down.
“We have enjoyed our time at 300 Queen Street, but we are equally looking forward to the move to 12 Creek Street in 2013.
“The decision was driven by a range of factors, most important of which was ensuring our people have access to the highest quality facilities to make their working life as comfortable and enjoyable as possible.
“Proximity to the Queen Street Mall and public transport was another key influencer in our decision making, and 12 Creek Street delivers on this as well.
“BDO Brisbane is one of the largest professional services firms in Queensland, with 46 partners and almost 400 staff. We see great potential for future growth and our move to 12 Creek Street will provide us with the facilities and flexibility we need to support this,” Mr Schiffmann said.
Colliers International National Directors Mark McCann and Matt Kearney negotiated the lease on behalf of the building’s owner, and Andrew Harper of Cornerstone Properties acted for BDO.
Mark McCann said that the deal signalled a boost in confidence for the Brisbane premium office market.
“Given the current level of office demand has been dominated by the resource and LNG sectors, the BDO transaction at 12 Creek Street is a really strong indication to the market that major corporates outside of the resources sector have the confidence to secure future space now,” Mr McCann said.
“With new development supply constrained in the CBD – in particular, from the second half of 2012 though to mid-to-late 2014 – we are facing a major supply gap and large corporates seeking high quality A-grade office accommodation in this period will have limited options to consider,” he said.