With the objective of strengthening resilience and futureproofing business operations, the Reserve Bank of New Zealand (RBNZ) were seeking to expand their office space in Auckland, increasing their larger presence whilst maintaining value for money. Veros were engaged to provide leasing advisory services and assist RBNZ with negotiating a new lease within the Auckland CBD, as well as negotiate the rent reviews for existing tenancies in the same building.
RBNZ occupies part of a level of 205 Queen Street in Auckland CBD. These premises had previously been used as a disaster recovery centre as most of their business had historically been conducted in Wellington. Changes in the banking industry resulted in RBNZ requiring a larger presence in Auckland, and therefore their existing footprint had rapidly become inadequate. As part of the leasing advisory services to RBNZ, our team negotiated directly with the landlord’s representatives for a new lease over a whole floor within their existing building.
In a rapidly changing environment, and with the inevitability of outgrowing the new space, a second new level was added to the scope. The aim of this was to consolidate their premises onto two consecutive levels, whilst relinquishing their leases on the lower level in the building.
Veros negotiated on behalf of RBNZ and secured fantastic outcome, drawing on their years of commercial experience in working with tenants and delivering commercial outcomes.
Our independent and commercial property advisory services resulted in a satisfied client who has successfully secured their future office requirements, on well-balanced and market-based terms.