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News Release

Wellington

Premium-grade building attracting premium tenants


 

 

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​Major renovations are underway to restore Wellington’s tallest building and landmark office tower the Majestic Centre, to its former glory. With the strengthening process nearing completion, major office occupiers are acting fast to secure their space in this Premium-grade building. 

NZ Transport Agency have committed to a 12 year lease term at the iconic Majestic Centre on 100 Willis Street owned by New Zealand’s largest listed property company on the NZ stock exchange, Kiwi Property. Commercial property consultants JLL brokered the deal to NZTA, who are earmarked to occupy two floors on levels 5 and 6. On top of the NZTA deal, JLL have introduced in excess of 6,000sqm of space to a number of other corporate occupiers in the Majestic building including most recently Summerset and Opus International Consultants Limited.

JLL’s office leasing specialist Stu Turnbull succeeded in meeting NZTA’s space requirements after a 12 month search to identify the most suitable premises before their commitment to the 12 year lease term at the Majestic Centre. Currently NZTA’s headquarters are located in the Co-op Bank Building, however the agency will be moving into their new premises in January 2016.

Stu Turnbull, office leasing agent at JLL says “Kiwi Property’s commitment to strengthen the building to a target of  100% of NBS has paid off and the building is already approximately 95% committed, with many new tenants attracted to its future seismic strength along with its vibrant CBD location and modern refurbishments. It’s a testament to Kiwi Property Group that NZTA have the confidence to move into the building and as a result of the refurbishments we can expect to see many more significant tenants looking for tenure”.

The Majestic Centre features a strong tenancy profile including several other well-known tenants including Ernst & Young, NZ Trade and Enterprise, Airways Corporation and The Earthquake Commission. 

Andrew Fullerton-Smith, office leasing agent at JLL says, “With Wellington’s prime end of the office market predicted to remain strong over the next 12 months, we are seeing a new round of leasing activity. The Majestic Centre’s restoration is in line with demand from tenants looking to secure better quality premises in the city.” 

The Majestic Centre is currently undergoing a major seismic strengthening process to meet a target of 100% of New Building Standard (NBS). Along with this upgrade, other refurbishments include new shower and bike storage facilities in the basement, refurbished contemporary bathroom facilities on each floor, redecorated base build finishes and new café amenities in the lobby.