Already a subscriber?Top-tier law firm MinterEllison will ditch its Sydney offices at Governor Macquarie Tower for a new tower being developed by Mirvac, joining at least 10 other law firms that have recently committed to new, upgraded digs across the CBD.
Law firms have been the most active movers in Sydney’s premium office market, taking up prominent leases close to the Harbour amid a period of high demand for commercial lawyers and competition between firms for young talent.MinterEllison will take the office tower’s top floors, occupying about 10,000 square metres. The law firm’s rent is expected to be north of $2000 a square metre, industry sources familiar with the deal said.
MinterEllison was paying below-market value rents at Governor Macquarie Tower as the leasing deal was struck over a decade ago on an “effective basis”, sources said. Effective rent is a rental figure that accounts for any rent-free periods and other incentives provided to the tenant.
Source: Law Daily Report (lawdailyreport.net)
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