CBRE Global Investors Tops Out its 118 Mount Street Project in North Sydney
27 May 2020
On Wednesday 27 May CBRE Global Investors has topped out its 118 Mount Street project in North Sydney, which is set to become the new headquarters for Zurich Financial Services Australia.
The commercial tower will include 20,500sqm of PCA A-Grade commercial office space a Zurich will deliver the building in partnership with Roberts Pizzarotti before handing it over to CBRE Global Investors.
Zurich is pre-committed as the anchor tenant to more than 65 per cent of the FJMT-designed 29-storey tower on a 10-year term, and will move into the building on its completion later this year.
The topping-out ceremony took place whilst taking several COVID-19 precautions into account and to date has been delivered ahead of schedule, despite the challenges imposed by the COVID-19 pandemic. The ceremony was also live streamed into the head office of Zurich in Switzerland, Roberts Pizzarotti’s site offices around Sydney and to other key stakeholders of CBRE Global Investors around the world, enabling the project’s major stakeholders to witness the milestone event, despite the current restrictions.
Chris Johnston, Managing Director Australia and New Zealand said the tower’s completion marked an important contribution to the growth and revitalisation of North Sydney.
“North Sydney is one of Australia’s fastest-growing CBDs and as our client’s first acquisition in Australia, it represented an outstanding opportunity to invest, with both major infrastructure investments nearby and high demand for A-Grade office space outside the Sydney CBD,” Johnston said.
It was purchased under-construction by CBRE Global Investors in late 2019. As the anchor tenant, Zurich will enjoy a new purpose-built headquarters that includes a two-level podium, café, a sky terrace, three basement car parking levels and end-of-trip facilities.
The tower is being delivered by Sydney-based construction company Roberts Pizzarotti and developed by Zurich Australia.
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $107.2 billion in assets under management* as of March 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
* Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.