Commercial Real Estate: The Stack breaks ground on Melville

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Investa_ParklinePlace_Exterior_02_PHO

SYDNEY 
&nbsp;Parkline Place investment manager Investa, along with co-owners Oxford Properties Group (&lsquo;Oxford&rsquo;) and Mitsubishi Estate Asia (&lsquo;MEA&rsquo;), today celebrated the official opening of Sydney&rsquo;s stunning new commercial office and retail destination, the $1.3 billion Parkline Place above the recently opened Gadigal Station located at 252 Pitt Street.
&nbsp;As a sustainable workplace, Parkline Place offers occupants a highly energy efficient building targeting to operate at net zero (scope 1 and 2) emissions. The combination of sustainability, flexibility and amenities focused on employee experience, has seen Parkline Place secure some of the largest lease pre-commitments for office space in Sydney&rsquo;s CBD with ~36,000sqm leased over the last two years.
&nbsp;Investa, Oxford and MEA hosted guests and dignitaries to provide the first public look inside the ~49,000 sqm, 39-storey office tower. Guests included representatives from the NSW Government, Insignia Financial, BDO, and Foster + Partners who will all call Parkline Place home. The Hon. Stephen Kamper MP, NSW Minister for Lands and Property, H. E. Mr Kazuhiro Suzuki, Ambassador of Japan to Australia; H.E. Dr Julie Sunday, High Commissioner of Canada to Australia; and Mr Osamu Yamanaka, Consul-General of Japan in Sydney attended a ribbon-cutting ceremony this morning acknowledging the significance of this landmark project for Sydney and Australia.
&nbsp;Designed by the world-renowned Foster + Partners architects, Parkline Place enhances Sydney&rsquo;s skyline while embracing the city&rsquo;s heritage with its modern take on classic Sydney sandstone via its bronze and sandstone colour palette. The tower is conveniently located on the corner of Pitt and Park Streets, amongst a buzzing retail and hospitality scene. The building&rsquo;s interconnection with Gadigal Station enables proximity to sustainable commuting for occupiers.
&nbsp;Maximising its large, flexible floor plates, all the levels are light-filled and the upper levels offer views across Sydney Harbour, Hyde Park and the CBD. Two garden terrace decks are part of levels 10 and 11 providing outstanding, outdoor amenity. With its hotel-quality end of trip facilities, bike storage for more than 200 bikes and 350 lockers, Parkline Place&rsquo;s occupants can easily accommodate fitness into their daily schedules. All of the retail space is now pre-committed with exciting food and beverage offerings including The Grounds, Batch Espresso and Starbucks. The building is targeting WELL Platinum V2 which promotes the highest ratings in occupant health and wellbeing.
&nbsp;Alec Harper, Head of Australia, Oxford Properties said, &ldquo;Oxford is incredibly proud of what has been achieved at Parkline Place, it raises the bar for workplace experience in Australia.
&nbsp;&ldquo;We have long foreseen the evolution of the office from simply being the 'production floor' where employees congregate to complete tasks into a destination that creates employee engagement, and drives collaboration, learning and mentorship for high performing teams. The leasing success of Parkline Place is further evidence that deepens our ongoing conviction that high quality, highly sustainable and well-located office buildings that are focused on the employee experience and wellness will continue to outperform.&rdquo;
&nbsp;Yuzo Nishiyama, Head of Australia, Mitsubishi Estate Asia, said, &ldquo;We are very humbled to have welcomed H. E. Mr Kazuhiro Suzuki, Ambassador of Japan to Australia to join with the NSW and Canadian government representatives to Parkline Place to celebrate this important milestone event.
&ldquo;Mitsubishi Estate Asia has a track record of investing in integrated transport projects in Japan, where commercial towers are seamlessly integrated into a city&rsquo;s transport system. We are very pleased to have invested in such an outstanding and city-shaping project in Sydney, alongside our strategic partners Oxford.&rdquo;
&nbsp;The Hon. Stephen Kamper MP said he was delighted to celebrate Parkline Place&rsquo;s official opening and acknowledged the investment by co-owners Oxford Properties Group and Mitsubishi Estate Asia with delivery and management by Investa in delivering such a landmark building to Sydney as part of the NSW Government&rsquo;s significant public transport infrastructure project.
&nbsp;&ldquo;With four NSW Government agencies set to call Parkline Place home, it&rsquo;s exciting to see the high-quality, modern and sustainable workplace come to life,&rdquo; Minister Kamper said.
&nbsp;Peter Menegazzo, CEO, Investa said, &ldquo;This is a significant day for Investa and our investment partners Oxford Properties and Mitsubishi Estate Asia. Parkline Place was a complex project to deliver, atop an important piece of city infrastructure. We thank the NSW Government for their collaborative approach to working with us to complete this project, and for their attendance today, including as a commercial tenant in the building.
&nbsp;&ldquo;Parkline Place is not only a striking building, but it is also a productive, smart and sustainable workplace. We are delighted to have welcomed many of our tenant customers at the event today, and we trust they are enjoying their new offices and all the amenities on offer in the building and the broader precinct.
&nbsp;&ldquo;Parkline Place is 75 per cent leased, with only high-rise floorspace remaining. With many businesses putting momentum behind returning to the office and gravitating to high ESG rated and well-located buildings, we are pleased to see elevated enquiry levels reinforcing the attractive features of the building.&rdquo;
&nbsp;Parkline Place was one of two unified public transport over-station developments sitting atop Sydney Metro Gadigal Station and procured as part of the NSW Government&rsquo;s Sydney Metro City &amp; Southwest Project. Further south on Pitt Street, the CBD&rsquo;s first purpose-built Build to Rent (BTR) tower, Indi Sydney owned by Oxford, and developed and managed by Investa, opened late last year.

Parkline Place, the first new office tower in Sydney’s Midtown in almost a decade, officially opens its doors

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