Following our success in assisting NAB with their Sydney real estate strategy, CapStra was engaged to provide NAB with Tenant Representation and Transaction Management services for their new head office requirement in Melbourne.
NAB had leased space in seven buildings within the CBD and fringe locations with expiries ranging from 2017 to 2027. A key driver for NAB was its lease at 500 Bourke Street (47,000m2) expiring in March 2020.
CapStra undertook an assessment of NAB’s existing portfolio in Melbourne, identifying market risks and opportunities, established timelines to deliver key milestone dates and implemented a market engagement strategy to secure a new head office premises (between 50,000m2 and 65,000m2). This included
Given the transaction provided the required flexibility, NAB approved the business case and executed an Agreement to Lease in October 2017.
Via a discrete and focused market engagement process, CapStra delivered a transaction that extracted maximum value for NAB that met their strategic business requirements. The property solution aligned with NAB’s workplace accommodation and workforce productivity strategy, whilst reducing both fixed and variable costs and direct capital investment.