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Leighton boss Wal King and Westpac Corp chief executive David Morgan are
expected to join forces, with the bank taking up space in a new development in
the Sydney CBD.
Leighton's proposed $600 million KENSsite office development straddles
Erskine, Margaret and Kent streets in Sydney and has the go-ahead for
construction when a tenant commits to the project.
It will be the first major CBD office tower construction for 2003 after
Principal Office Trust's 126 Phillip Street site, designed by Sir Norman Foster
and earmarked as the new home for Deutsche Bank in 2005.
It is understood that Westpac signed off on the site late yesterday. In
November Westpac sent out a brief via Grant Samuel Property looking for 60,000
square metres of space to accommodate its fast-growing empire, which now
includes Bankers Trust and Rothschild.
BT and Rothschild staff are housed in expensive offices at Chifley Tower and
1 O'Connell Street respectively. Rents in those towers are close to $1000 per
square metre, net of expenses.
According to property agents, the leases expire in the next few years and
Westpac has decided to consolidate its expanded operations under one roof.
It is said Westpac will retain its Sydney headquarters in Martin Place while
moving staff out of a range of other buildings, among them 77 King Street,
341George Street and 50 Pitt Street, as well as Chifley Tower and 1 O'Connell
Street.
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