Lendlease’s $1.9bn Salesforce Tower Tops Out

Sydney’s tallest commercial tower, Lendlease’s 55-storey Salesforce Tower, has topped out.

The Foster and Partners-designed Sydney Place project at 180 George Street, Circular Quay has taken four years to reach the milestone.

The $1.9 billion, 263m tower is Sydney’s first steel-framed high-rise in 25 years.

Lendlease China’s Ping An Real Estate and Japan’s Mitsubishi Estate Asia are developing the tower in a joint venture.

Lendlease managing director of development Tom Mackellar said anchor tenants had already committed to leases.

“The calibre of tenants, including anchor tenant Salesforce, signals strength in Sydney’s commercial market as demand for city-defining and sustainable workplaces increases post-pandemic,” Mackellar said.

Salesforce will occupy levels 34 to 53 while JLL will relocate its Sydney headquarters to levels 25 to 27. 

▲ Render of Sydney Place at 180 Georges Street where Salesforce will be an anchor tenant. Source: Lendlease

Venture capital company Investible’s climate technology and innovation hub Greenhouse will occupy levels one to three and The Executive Centre will occupy around 2200sq m on levels 22 and 23.

Wellington Management has also confirmed that it will relocate to the tower from its current home at 126 Phillip Street.

Lendlease will offer commercial suites for lease on levels 31 to 33.

The tower has been awarded a Platinum WELL Shell and Core rating and the Green Building Council’s Design and As Built 6 Star Green Star. 

It will also target a 5.5 Star NABERS energy rating. 

Office occupancy rates in Sydney doubled in March as a number of projects came online. Sydney's city fringe has also seen growth in investment with overseas buyers investing in office property and key development occuring around Sydney's harbourside precincts.