New tenant for One The Esplanade

Herbert Smith Freehills has signed a deal to relocate its offices from QV1 along St Georges Terrace to One The Esplanade at Elizabeth Quay, once construction is complete. 

Brookfield Properties has secured a 10-year lease with the global law firm for approximately 4,000 square metres across two floors of the new office building, with Multiplex Constructions progressing works on site.

Herbert Smith Freehills joins anchor tenant Chevron Australia, taking office leasing pre-commitment levels in the tower to circa 85 per cent.

The $360 million, 29-storey mixed-use tower received planning approval in February 2019 and will add more than 54,000sqm of office space to the Perth market upon completion.

Desiged by Hassell, the office tower is targeting a 2023 opening date. 

Brookfield Properties executive vice president and co-head Carl Schibrowski said it was pleasing to see another major company move to the Elizabeth Quay precinct.

“What we have seen from our leasing program at One The Esplanade so far – and from early enquiry to our other planned projects at Elizabeth Quay – is a flight to quality from blue chip tenants who are attracted by the lifestyle, amenity and Premium nature of the buildings and precinct,” Mr Schibrowski said.

“This deal is a great example of the continued confidence in the Perth market and in the office market in general, despite the temporary challenge of COVID-19.”

Herbert Smith Freehills Perth office managing partner Elizabeth Macknay said One The Esplanade provided the firm with the blank canvas to create an environment that supported collaboration.

Brookfield Properties also has plans to deliver two new towers on the site adjoining One The Esplanade, at Lots 5 and 6 Elizabeth Quay.