Construction firm Roberts Pizzarotti has won the right to build insurance group Zurich’s new Sydney headquarters and began work on the $250 million A Grade building this week.
As foreshadowed in The Australian Financial Review last year, Zurich decided to develop the building at 118 Mount Street, North Sydney, in conjunction with White & Partners and Generate Property Group.
Zurich Life & Investments Australia chief executive Tim Bailey said the global insurer was delighted the project was finally under way after several iterations in local council.
“This is a once-in-a-generation opportunity to develop a workplace that is tailored to the needs of our people and our customers,” Mr Bailey said, “From late 2020, our Sydney-based teams will be able to welcome our customers into a state-of-the-art, purpose-built building.”
The 20,000-square-metre building is targeting a 5-Star Green Star and 5-Star NABERS Energy rating.
Alison Mirams, chief executive of Roberts Pizzarotti, which was only established last year, said the firm had worked closely with Zurich for its first major construction.
“We opened our doors last year with a mandate to build a better way and that is exactly what we have done so far for Zurich,” Ms Mirams said. “We worked closely with the consulting teams during the early contractor involvement stage to provide input on value engineering and constructability while maintaining the design intent.”
The global insurer was touted as the next big corporate tenant to take space at Lendlease’s Barangaroo Tower 1 in a multimillion-dollar deal over three floors, however that is understood not to be going ahead.
Zurich owns two large properties in North Sydney at 5 Blue Street and 118 Mount Street.
Francis-Jones Morehen Thorp is the architect. Its recent work includes Mirvac’s 200 George Street in Sydney.
The insurer is fresh from taking over locally listed Cover-More Group – a $741 million deal completed last year.