This article was published on 5 October 2012.

TAL signs 10,500sqm lease

Representing one of the largest moves into the Sydney CBD for many years, life insurer TAL (formerly TOWER Australia) will relocate its workforce from 80 Alfred Street, Milsons Point to 9 mid-rise levels in the ISPT owned 363 George Street.

TAL will be the anchor tenant for the tower alongside existing corporates including Swiss RE, CBRE, Aussie Home Loans and Chandler McLeod.

The lease term is for 12 years and includes the high profile sky signage rights atop the tower providing excellent exposure for TAL. The premises and sky signage rights were previously occupied by the Commonwealth Bank of Australia who have moved to Darling Quarter in Sydney's western corridor.

The TAL move into the Sydney CBD represents a great boost to the Sydney CBD leasing marketplace, and is an example of strong net absorption in the core precinct. It also demonstrates that large lines of backfill space in the Sydney CBD will be filled not only by tenants moving within the CBD, but also from tenants upgrading their office accommodation from external fringe and suburban locations.

363 George Street is now around 97% leased with just 300-850sqm remaining vacant on Level 30.

Cadigal Office Leasing represented by Mark Tindale handled the deal on behalf of ISPT, whilst GJS Property acted for TAL as tenant adviser.