Allens has helped Westpac manage a market tender process and lease negotiation to secure a premium corporate headquarters for the leading Australian bank and financial services provider to 2030.
Following a competitive tender process, Westpac has entered into an agreement for lease which commits it to continuing its leasing arrangements at 275 Kent Street – its existing premises owned by Mirvac Group and an affiliate of Blackstone Real Estate Asia.
Commenting on the deal, Partner Victoria Holthouse said that the deal was complex and the ultimate solution had to ensure that there was minimum disruption to the business.
'In deciding to remain in its existing premises, Westpac had several requirements for significant upgrades to ensure its future corporate headquarters reflected a modern work environment to meet the Bank's future needs.
'Allens provided advice on the different stages of the transaction, including the competitive tender process, the lease negotiation and the deal structure. In addition we provided tax advice on the deal structure.'
Allens legal team
Real Estate: Victoria Holthouse (Partner), Jayne Williams (Senior Associate) and Andrew Scully (Lawyer)
Tax: Larry Magid (Partner ), Adrian Chek (Partner) and Jay Prasad(Associate)
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.