The Macquarie Group challenge
Resolve the long-standing need for accommodation for the banks global headquarters with an elegant strategy, innovative workspace and culture appropriate solution.
The firm’s main objectives:
- Secure a workspace that reflected the culture of the bank and its deep connection to Australia’s financial history
- A capital efficient occupancy solution
The Pepper Property Solution
In a relationship spanning over a decade, Pepper was appointed to assist Macquarie Bank in resolving this challenging accommodation requirement for their Sydney global headquarters. While occupancy cost was a significant driver, the key focus was securing a workspace that reflected the culture and history of the bank. There were very limited lease options that met the required specifications and timeframe so an innovative solution was required.
The assignment culminated in the acquisition of 48 Martin Place and 9-19 Elizabeth Street, Sydney from the Commonwealth Bank of Australia in an off market transaction. The transaction enabled Macquarie to leverage their covenant and control the ensuing development, which resulted in significant occupancy savings. The heritage building, renamed 50 Martin Place, was transformed into a world leading workspace
- In additional to a traditional lease structure, presentation and modelling of alternative accommodation options and structures, which allowed Macquarie to meet its long term accommodation requirements
- Delivery of significant cost savings through an off market transaction that enabled leverage of covenant and control of the ensuing development
Nominated recently as one of the “Top 10 Projects of the last 10 Years”, Pepper was proud to continue our relationship with Macquarie in the delivery of their global headquarters; a truly iconic building.