Coca Cola board Investa's Ark

INVESTA has signed Coca Cola to anchor a new $270 million office building in North Sydney.

CCA has signed a 10 year lease term and will move from the company’s current headquarters in Macquarie Street, Sydney to the new landmark building, Ark, at Mount Street in North Sydney, on its completion in mid-2010.

Under the tenancy agreement with Investa Commercial Developments, CCA will occupy 7,620 sqm in the lower portion of the high rise of the building.

ICD’s group executive Richard Johnston said the substantial pre-commitment in North Sydney demonstrates that the design and product proposed was conducive to Sydney CBD tenants.

“Our success in securing a tenant so quickly reflects the quality of Ark’s design and the importance of green credentials to prospective tenants. It is also indicative of the current state of Sydney’s office market. A lack of space for large tenants in the CBD is making North Sydney an attractive alternative,” he said.

Meanwhile ICD’s development manager Rob Thomas said there is significant interest from other tenants wishing to lease space in the building, with 21,000 sqm remaining.

“The large, regular shaped floor plate, up to 2000sqm, with an offset core offers tenants complete design flexibility,” he added.

Ark is designed to achieve a 5 star Australian Building Greenhouse Rating and is registered for a 5 star Green Star rating when completed in 2010.

Ark is located adjacent to the North Sydney Post Office and in close proximity to the North Sydney Railway Station, which is also currently being upgraded.

Investa’s leasing agents were M2 while CCA was represented by Peter Messenger from CBRE. Investa has appointed Thiess as the preferred contractor.

Australian Property Journal