6 September 2012 – GPT’s strategy to sustainably retrofit the 530 Collins Street office building in Melbourne has paid dividends with Suncorp Group signing a new heads of a heads of agreement to lease 12 floors in the building.

According to GPT’s head of asset management, Matthew Faddy, the deal is testament to the success of GPT’s strategy to reposition existing buildings to ensure they remained market-leading and highly sustainable.

“Suncorp is the latest blue-chip company to join 530 Collins Street since we started work on repositioning the building in late 2007,” Mr Faddy said.

Matthew Faddy

“GPT has proactively achieved this commitment on the entire space vacated by Allens just two months ago.”

GPT’s director of office leasing, Luke Briscoe negotiated the deal directly.

“The Suncorp commitment takes the building’s occupancy to 97.5,” a GPT statement said.

GPT Wholesale Office Fund Manager, Martin Ritchie said: “This transaction is the result of the successful execution of a strategy that was set five years ago to refurbish and re-lease the building to some of the best businesses in Melbourne, and to add value to the asset for our investors.”

The 10 year lease, for 15,500 square metres of space, is  from 1 July 2013 and includes signage rights.