Lease to start mid-2024; demand for premium green buildings remains strong in Australia
Hines, a global real estate investment, development, and property manager, today announced that Starbucks Australia has signed an eight-year office lease for a full floor, totaling approximately 1,400 square meter (15,000 square feet) at T3 Collingwood, the firm’s first mass timber office building in Asia-Pacific. The lease commences in June 2024.
T3 Collingwood is the tallest timber office building in Melbourne. The 15-storey development offers tenants an amenity-filled workspace that helps attract and retain top talent.
“The design and sustainability features of T3 Collingwood reflect our values perfectly, and we’re excited to make this space our new home,” said Chris Garlick, chief executive officer at Starbucks Australia. “Leasing a full floor at Hines’ remarkable timber building is an affirmation of our investment in a sustainable future and in the well-being of our partners (employees).”
Starbucks Australia operates 71 coffee shops in South East Queensland, New South Wales, and Victoria and employs approximately 1,500 people. The Store Support Office for the company is currently located in Richmond, Victoria, with plans to relocate to T3 Collingwood in the middle of the year.
“The market for premium green buildings is robust in Australia, driven by an informed class of tenants who recognize the long-term value of placing themselves in these spaces,” said David Warneford, country head of Australia and New Zealand at Hines. “We’re pleased to partner with Starbucks Australia to deliver on their new corporate office, as we continue to set new benchmarks for tenant amenity and sustainability.”
Colliers represents Hines on the leasing of the building. Colliers and Starbucks Australia brokered the deal directly.
T3 Collingwood is a milestone development in Hines’ premium office portfolio in Australia. Hines is also on track to develop and deliver 600 Collins, the firm’s AUD 1 billion next-generation prime office tower in the heart of Melbourne’s CBD, poised to be Australia’s first fully electric building.
About Hines
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $94.6B¹ in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.
