Telstra Corporation occupied over 17,000 square metres in the Argus Centre at 300 Latrobe Street at the time it was acquired by Macquarie Office Trust in late 1998.

Since then, Telstra have renewed their lease twice in the building, once in 2005 for five years and more recently in 2010 for thirteen years, extending their lease out to 2023 by which time they will have been the major tenant in the building for 28 years. Furthermore, over this time they have grown their presence in the building to over 23,000 square metres.

The Australian Taxation Office entered into a pre-lease for a new regional office at Moonee Ponds, Victoria which was completed in 1991.

Since their original occupation, the ATO have extended their lease twice so that the expiry date of their current lease is 2020, giving the owner 29 years of consistent rent income.

This outcome was achieved by working closely with the tenant through a number of building refurbishment projects and understanding the need to invest capital in the building wisely to ensure that the building was able to meet the stringent operating and environmental parameters which are now a requirement for all Commonwealth Government office accommodation.

It is also a good example of how to retain a Commonwealth Government tenant in an aging building, as Moonee Ponds has been one of the few buildings constructed around 1991 that the ATO has not already relocated from, or has committed to re-locate from over the next few years.

: : EXAMPLE 1

Telstra, 300 Latrobe Street, Melbourne

: : EXAMPLE 2

Australian Taxation Office, Gladstone St, Moonee Ponds