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ANZO snares five Auckland leases

Christine Nikiel

Friday 5th December 2003

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AMPNZ Office Trust (Anzo) has secured five new leases in its Auckland portfolio.

Intellectual property lawyer and patent attorney AJ Park will relocate from its BNZ tower offices to take a 15-year lease on levels 13 and 14 in Quay Tower, lifting occupancy to 96%.

Vero Liability Insurance, formerly Royal & SunAlliance has leased 969sq m on level 32 of the ANZ Centre for nine years, taking the place of CBRichard Ellis, which is moving to level nine of the PWC Tower, and in IAG House major tenant IAG has expanded to another full floor. Existing IAG House tenants International SOS and Greymouth Petroleum have also extended their leases.

Anzo chief executive Rob Lang said leases covering 10,417sq m were due to expire in IAG House in the current financial year and Anzo had successfully dealt with all but 2700sq m.

AJ Park's decision to move to Quay Tower was an endorsement for the $2.7 million refurbishment Anzo did to reposition the building in the market, Mr Lang said. The building was repainted, the lift cars were refurbished, the building's access and management systems replaced and a new canopy built.

Quay Tower is right next to Auckland's newest office tower, the PricewaterhouseCoopers Tower, and shares a corporate health club and childcare centre. Anzo wanted to maximise Quay Tower's links with the PWC Tower, Lang said.

The quanity of space leased and the rentals achieved were ahead of projections in Anzo's business plan, Lang said.

Since the beginning of the new financial year in July the company had leased more than 10,586sq m of space in its Auckland portfolio, Lang said.

"Some of those leases were negotiated in a short space of time. As space gets tighter at the premium end of the market and options diminish, tenants are willing to pay more to secure the location they want."

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