MAB Funds Management (MAB FM) has secured a five-year lease renewal with Australian Government Solicitor (AGS), the key tenant at its Lionel Murphy Building in Canberra’s parliamentary precinct.
In a strategic move, MAB FM negotiated the deal one year ahead of lease expiry.
The Lionel Murphy Building at 50 Blackall Street Barton is within one kilometre of Parliament House and AGS occupies 93 percent of the space. Barton is considered the premier office precinct of Canberra and is the preferred location for many Commonwealth Departments.
The Barton property is part of the MAB Diversified Property Trust (MDPT, ARSN 103 463 467), an unlisted unit trust owning 11 retail, office and industrial properties throughout Australia and New Zealand. Six MDPT properties, including Barton, recently reported an overall 13.36 percent valuation increase.
General Manager for MAB FM, Mr Nick Gray says the lease renewal exemplifies the team’s hands-on and proactive approach to asset management.
“Risk mitigation is a strong focus for us and accordingly we negotiated this renewal 12 months ahead of expiry. We have a strategy to negotiate key tenant renewals ourselves”, explained Gray.
“This renewal places us in a good position for the coming years. It’s the result of a strategic approach to commercial property and applying specialist expertise. MAB FM is adept at identifying high-potential assets and transforming them into quality investment products through consistent asset management”, said Gray.