The Commonwealth Bank of Australia will move its new Brisbane headquarters to Japanese billionaire Katsumi Tada’s Daisho office tower currently under construction.
Commonwealth Bank chief financial officer David Craig said the move represented a significant and long-term investment in the future of the bank’s Brisbane based operations.
“The new workplace has been designed to promote collaboration, flexibility and efficiency within our teams, which will deliver benefits for our customers,” Mr Craig said.
The bank will take 10,500 square metres of space in the 34-storey tower on an average 11-year term.
The deal is one of the top five biggest lease deals in Australia this year, behind PwC’s commitment to 26,500 square metres at Barangaroo and just behind King & Wood Mallesons’ 11,892-square-metre deal in Governor Phillip Tower, Sydney.
Shocked contenders for the CBA lease tender included Investa’s 259 Queen Street (formerly the Bank of Queensland headquarters), Grocon and DEXUS Property Group’s 480 Queen Street and Brookfield’s 240 Queen Street, where the CBA is currently based.
The deal is extremely competitive, with an annual face rent around $700 per square metre and an incentive of more than $20 million.
The A-grade 59,100-square-metre tower, whose construction was launched by Queensland Treasurer Tim Nicholls this time last year, has been without a pre-committed tenant until now.
Knight Franks Campbell Tait and Graham Clarkson acted for Daisho and Stuart Allison from Independent Corporate Property acted for CBA in the negotiation.
The move will be the final piece in the CBA puzzle for its eastern capital city headquarters.
The bank is the major tenant in Lend Lease’s $600 million office tower in Sydney’s Darling Walk.
Last year, the bank confirmed it would take up to 9000 square metres in developer Lang Walker’s $1.3 billion Collins Square project in the Docklands area of Melbourne.