91% occupancy following new leases

1 August 2002

AMP NZ Office Trust’s new $170m office tower reaches 91% occupancy following new leases

AMP NZ Office Trust (ANZO) has signed up major tenants for more than 3,589 square metres in its new PricewaterhouseCoopers Tower on Auckland’s waterfront.

A major corporate has leased all of Level 29 (the top floor) and Level 11, and other tenants have agreed lease terms for space on Levels 16 and 10. Together these leases take the occupancy in the tower’s office levels to 91 percent.

ANZO’s executive manager, Robert Lang, said a small amount of space remains on levels 7, 10 and 26, and some of this is already under contract. Part of level 9 is also under contract.

“To have reached 91 percent occupancy and have only 2,700 square metres left from a total of 31,300 square metres in the building is a fantastic achievement, especially so soon after the Tower’s completion in May,” said Mr Lang.

“In fact, it is very likely that within a matter of weeks, there will only be space available on levels 9 and 10. This success is underpinned by the popularity of the location but also recognises the superior quality of office accommodation and the benefits this brings to business. Feedback from tenants already settled in the building has been fantastic and beyond our expectations.”

At this stage, due to confidentiality arrangements, ANZO is unable to identify the tenants. The terms contained within the leases will remain confidential but Mr Lang said they exceeded original tower feasibility estimates.

Valued in excess of $170 million, the PricewaterhouseCoopers Tower was officially opened in June by the Prime Minister following a three-year project to build New Zealand’s best office tower.

The Quay St building incorporates the latest thinking in office development – from hotel-styled public lobbies to high-speed lifts to ultra-large column-free office floors.

Existing tenants include leading international and New Zealand companies such as PricewaterhouseCoopers, Buddle Findlay, WestpacTrust, Jones Lang LaSalle, the Australian Consulate, Challenger International and Landco.

AMP NZ Office Trust is a unit trust listed on the New Zealand Stock Exchange and invests predominantly in prime CBD office properties in major New Zealand cities.

ANZO owns seven of New Zealand’s premium office buildings, including Auckland’s PwC Tower, ANZ Centre, NZI House and Quay Tower; and Wellington’s IBM Centre, Accenture Tower and No. 1 The Terrace.

ANZO’s portfolio value is about $555 million and occupancy across the portfolio stands at about 95 percent.

ANZO is managed by AMP Henderson Global investors, New Zealand’s largest private property investment manager with $1.5 billion of property under management.

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