Cromwell, Elanor secure high profile Melbourne office tenants
Cromwell has renewed Metro Trains Limited to nearly a third of its 700 Collins Street office (pictured, top), at Docklands.
The state government, which has been based at the building 10 years, will stay on until 2030.
The tenancy – the top four floors of the 17 level tower – spreads 10,500 square metres, rated A-grade.
Cromwell head of Property Operations, Tessa Morrison, said the deal was negotiated during a particularly competitive time in the city’s office market.
“Their commitment reflects the continued attractiveness and demand for our property,” she added.
An asset refurbishment and plant upgrades are now planned, according to the executive.
“Cromwell has the structure and capability to implement strategies that future-proof the asset while collaborating closely with tenants to align with their objectives,” Ms Morrison said.
“The upcoming upgrades will enhance operational performance and also improve the building’s sustainability performance, supporting our goal to have assets under operational control net zero by 2035,” she added.
Completed in 2004, 700 Collins St was Docklands’ first significant office, with 33,489 sqm.
Cromwell picked it up new for $133m (story continues below).
In 2019 it applied to refit the shell as apartments.
Heart Foundation renews with Elanor
Meanwhile, Elanor Investors Group has secured Heart Foundation Australia’s Victorian division to 565 Bourke St.
The agreement covers a 599 sqm suite on the ninth floor.
The not for profit will quit 850 Collins St, Docklands.
Elanor also secured five year old Ortec Finance to 230 sqm on the 14th storey while last year it committed Gray Puksand, responsible for a recent refurbishment, to 1289 sqm on levels one and two.
CBRE’s Will Dungey and Natasha Deagan with Colliers’ Ben Christie and Zak Seccull were the agents.
According to the Property Council of Australia’s January, 2025, Office Market report, Melbourne CBD office vacancy is 18pc – up from 16.4pc a year earlier and significantly higher than the (13.7pc) national average.
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