Half the available space in Mansons TCLM’ s new 20,000 sq m office building at 151 Victoria Street West in Auckland’ s CBD has gone ahead of its completion, following the leasing of three floors to media company NZME.
NZME. (formerly APN NZ) has taken a 12-year term over 8,300 sq m of space on Levels 1-3, with a six-year right of renewal, and will also take half of the building’s 169 basement car parks.
Bayleys’ leasing agent Paul Hain, who advised Mansons on the transaction, says it is the biggest lease concluded in Auckland since Fonterra committed to its new premises in Fanshawe Street.
He says the building’s very large floor areas of 3,100 sq m per level, with interlinking staircases, was a major attraction for MZME, enabling it to merge all its media operations into one compact business environment.
Relocating into the building, starting in November will be the New Zealand Herald, The Radio Network and NZME.’s digital operations, including the daily deal website Grab One.
Hain says approximately 1000 sq m on the ground floor will also be occupied by retail tenancies, leaving only the top three floors, encompassing a net lettable area of 9,300 s q m, still available for lease. Because of the site’s elevated position, these have expansive city and harbour views and also come with naming rights.
“There has been strong enquiry in this space which has heightened now that the building is fully glazed nearing completion, giving prospective tenants a clear picture of what an impressive structure it is,” he says
“Construction is well ahead of schedule and floors will be available for fit out from June. A particularly striking feature of the property is the giant 20 metre high lobby atrium which runs through the building, flooding it with natural light and providing a spectacular meeting place for tenants and visitors. The lobby also connects with a substantial and extensively landscaped public plaza area.”
Each floor has an internal sky bridge through the atrium and the 2,000 sq m of tenancy space on one side of this atrium also has its own smaller atrium to enhance natural light exposure.
A floor-to-ceiling stud height of 3.1 metres, compared with 2.7 metres in a typical office floor, plus the glass curtain exterior facade with increase light penetration into the building as well, says Hain.
“In addition, the building has been designed to a 5 Green star rating which means it will offer significant energy savings for tenants as well as a healthy environment for staff to work in.”
Each floor can accommodate upwards of 300 people but the building also offers options for smaller tenants as it has been designed in two parts which enables each floor to be split into two tenancies of 2,000sq m and 1,100 sq m, says Hain.
The building is Mansons TCLM’s second biggest development after the Telecom campus, located directly across the road, and is the largest project the company has undertaken on a speculative basis without tenant precommitment.
Director Culum Manson says 151 Victoria Street has been designed in response to feedback it gets from prospective tenants about the type of accommodation they are wanting.
“It’s all about efficiency, both in space use and running costs. Companies like having staff located on fewer, larger floors because it results in a more collegial and productive working environment. Bigger floor areas also mean less wasted space which also reduces operating expenses,” he says.
“High quality and healthy building services, such as increased fresh air delivery in air conditioning systems and high levels of natural light penetration to working and amenity areas, are also important and that’s what we focus on providing with our buildings.”
Mansons TCLM has been the most active developer of new office buildings in the Auckland in recent years, with all of its projects self funded.
“We foresaw an impending shortage of efficient green-star rated buildings capable of accommodating large tenants and were sufficiently confident of demand for this type of space to be comfortable about undertaking developments without substantial recommitment from tenants,” says Culum Manson.
Other recent central Auckland projects have included the Watercare Services building at 73 Remuera Road, Newmarket, the GHD Building at 27 Napier Street, alongside the Southern Motorway, and Oracle House at 162 Victoria Street West.