Herbert Smith Freehills’ real estate team has advised Mirvac in relation to an agreement for lease to secure one of Australia’s leading financial services groups, Suncorp, as the major tenant for its proposed office development at 80 Ann Street in Brisbane, Queensland.
The real estate team also assisted Mirvac with its fund through arrangements with the M&G Asia Property Fund who will hold a 50 per cent interest in 80 Ann Street.
Suncorp has pre-committed to over 39,600 square metres of office and retail space, representing approximately 66 per cent of the building’s total net lettable area, for a 10-year term.
The Herbert Smith Freehills team worked closely with Mirvac’s senior legal counsel, Hugh O’Brien and Suncorp’s legal advisers, MinterEllison to negotiate and agree the arrangements.
Herbert Smith Freehills partner Julie Couch said, ‘‘It was great to work with Mirvac on such a significant transaction and we are thrilled to have delivered a result that all of the parties are delighted with. This deal demonstrates to the market that key tenants are looking for landlords who are willing to collaborate and work alongside tenants to achieve their respective objectives – and in this case Mirvac successfully stepped up to the challenge’’
This deal is another example of Herbert Smith Freehills’ market-leading work in the development and leasing sectors.