Mirvac, Mitsui Fudosan Top Out $600m Circular Quay Skyscraper

Mirvac and Mitsui Fudosan Australia have topped out its 55-storey skyscraper at 55 Pitt Street in the Sydney CBD. The tower has a development cost of $600 million and an end value of $2 billion estimated for the project. It will add 63,000sq m of new office space to the Circular Quay district, and is designed for a post-Covid workplace, including 10 floors of alternative working space, retail, recreation and hospitality. Mirvac development director Rebecca McKee told The Urban Developer that leasing and licenses for the amenity would generate revenue and beneft tenants. Rather than recouping amenity via the office spaces, the building “will be competitively priced compared to other premium grade products”, McKee said. “That’s on account of the attractive initial purchase, but it means that we don’t have to push limits in relation to having to recover the cost of [amenity] rents.” Facilities include a 1200sq m wellness hub, events space, restaurant, rooftop bar and other alternatives to pure-play office. ▲ The project overlooks the post-Covid-era Circular Quay district, with offices and pedestrian throughways being redeveloped. The amenity spaces, as well as a concierge service, will be managed through Florence Guild, an Australian real estate and lifestyle company that curates and operates private workspaces, hospitality venues and cultural experiences. “It’s a clever model. It generates income,” McKee said. “All of that additional amenity ... it also invites the visitors into the area as well. “It essentially becomes everything that you need to do, in one day, in your workplace, within one location.” The integrated developer-designer-builder model made the project possible through a challenging period for construction, McKee said. The tower was partially sold to Mitsui Fudosan Australia in 2024 , who acquired a 67 per cent stake for $1.3 billion. ▲ The facade and windows on lower levels have already been installed. A September 2027 completion is projected. The award-winning Woods Bagot design incorporates glazed terracotta sunshades into the facade, with 50,000 panels manufactured in Italy and assembled in Vietnam. “It’s the same material as that on the [Sydney] Opera House,” McKee said. “We drew inspiration from the original undulating pattern of the Tank Stream mudflats, so that we could bring that indigenous storytelling to the Sydney skyline. The thermal performance of the terracotta, along with openable windows, contribute to thermal performance and airflow in the building, according to Mirvac. ▲ The rooftop bar and other amenity and hospitality will generate their own revenue, and improve outcomes for tenants, McKee said. “The design was born during the time of Covid . We designed it knowing that the workplace had evolved. The building is also electrified and targeting a 5.5-star NABERS energy rating and a 6-star Green Star rating. Leasing under way for 2027 move-in A completion in September 2027 is projected, with tenants moving in progressively from later that same year. According to Mirvac, just two Sydney CBD projects are expected to complete in 2027 and premium-grade vacancy, sitting at 9.2 per cent, is at its lowest since 2022. Leasing is already above 40 per cent, McKee said, with insurer Aon and law firms MinterEllison and Baker McKenzie among the first. ▲ Mirvac has designed 55 Pitt to promote collaboration and community, rather than brawls between rival solicitors. Having two major law shops as tenants is unlikely to lead to brawls in the elevators, according to McKee. “It becomes a bit of a legal hub. It’s almost like an agglomeration of legal human capital to this location. “And the firms do like to come together. I believe the firms are relaxed, and there’s a benefit to being co-located.” However friendly they may be, it’s MinterEllison that has claimed the top floor. “It’s been really exciting to see some of their fit-out plans come together recently,” McKee said. “They’ve got their boardroom overlooking the harbour. They’re putting the boardroom on the international stage. It’s absolutely stunning.”

Office
Patrick Lau
Wed 14 Oct 26

Mirvac, Mitsui Fudosan Top Out $600m Circular Quay Skyscraper

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