Macquarie eyes more office space at 80 Pitt Street
Macquarie Group is eyeing more office space in the B-grade office tower at 80 Pitt Street in the Sydney CBD, in an effort to accommodate staff soon to be displaced by the Martin Place metro construction, sources say.
It is understood the investment bank has enlisted leasing agent TGC with plans to take out the rest of the space in the building, close to Martin Place.
Macquarie in turn will be developing the metro station at Martin Place, a project it beat rivals including Dexus Property Group to win.
The 88 Pitt Street tower is owned by Hong Kong investors who snapped up the building from QBE Insurance in 2014 for $46.5 million.
The heritage-listed art deco building is also close to Pitt Street Mall and Wynyard station, offering some refurbished utilities such as the building foyer, lifts, mechanical services, air-conditioning and bathroom amenities.
The 15-level building has a net lettable area of 12,720 square metres and features large floor plates.
Macquarie’s fitout plans are not known – it declined to comment – but this is not the first time it has sought refuge on Pitt Street while between offices.
It took out 4000 square metres of commercial floors at 130 Pitt Street, opposite its then headquarters at No.1 Martin Place in 2010 as part of an expansion. During that time staff were also moved between the Bond Street office and new digs on King Street Wharf.
Infrastructure projects such as the metro train construction has been one of the main drivers of a shortage of office space in the Sydney CBD, with many businesses forced to look elsewhere as buildings are compulsorily acquired.
In March last year, the NSW government agreed to enter exclusive negotiations with Macquarie to develop the metro station, which will also comprise two commercial towers above the new station.
