Strong momentum at Barangaroo as KPMG renews lease

  • 13 Feb 2024
Lendlease today announced that current tenant KPMG Australia has renewed its lease in Tower Three at Barangaroo South, to 2034.

KPMG’s Sydney office has been in Barangaroo since 2016 and the deal sees the professional services firm continue with its existing lease footprint over approx. 33,000 sqm, comprising 
14 floors in the precinct.

The renewal of KPMG continues an active and successful 18 month period of leasing for Lendlease’s Barangaroo South precinct, which is experiencing a strong tenant retention rate with approx. 90% of tenants making future office commitments choosing to recommit to the precinct. Overall, approx. 123,000 sqm of renewals and new leases have been completed. 

Other lease renewals include for the entirety of International House, and PwC with 10 floors in Tower One.

Barangaroo’s premium offering, amenity and sustainability credentials continue to be in demand from a range of both sitting and new corporate tenants.

Demand from new tenants has resulted in subleasing opportunities in the precinct being substantially absorbed with limited availability remaining. Telecommunications company TPG Telecom recently made a long-term commitment to the precinct, consolidating its Glebe and North Sydney operations into four floors in Tower Two. 

Several tenants have also taken the opportunity to expand their footprint at Barangaroo as they have renewed leases, with quantitative trading firm SIG Susquehanna doubling its footprint to two floors in Tower One as its business has grown.

Overall, the precinct is ~93% occupied with negotiations underway for remaining space.

Drawing on Lendlease’s placemaking expertise, Barangaroo South has maintained its reputation as a thriving mixed-use precinct, with an established precinct community that benefits workers, residents and the general public. High quality dining, waterfront access, a wide range of services, and activations like the Barangaroo Artisan Market, a one-day event attracting over 13,000 people in 2023, have contributed to the precinct’s ongoing popularity.

The opening of the Barangaroo Metro station this year will further add to the precinct’s transport connectivity, which currently includes Wynyard Station, bus and ferry routes. 

*Note: Lendlease’s Barangaroo South precinct includes International Towers One, Two and Three, International House, and Daramu House.

Quotes attributable to Doug Ferguson, NSW Chairman, KPMG:

“Since moving to the precinct over seven years ago, Barangaroo has proven to be a great home for our 4000-strong staff and partners. The precinct has transformed into a thriving community that supports our employees with a wide range of amenity, services and events, along with high quality office space that fosters collaboration. Barangaroo’s sustainability credentials and net zero carbon goals are also a driving factor in our commitment to the precinct.

“We enjoy working at Barangaroo, and I believe our staff feel genuinely proud to bring their families and friends and show them where they work.” 

Quotes attributable to Vanessa Hicks, Group Executive, People Experience, TPG Telecom:

“Moving into Barangaroo has been a positive experience for our business and a hit with our employees, we’ve seen around 1,000 more people a month coming into our office. 

“It’s a great location on the waterfront with easy access to transport and overall provides value by offering a premium corporate experience for attracting and retaining talent.”

Quotes attributable to Vanessa Orth, Managing Director, Lendlease Investment Management:

“The strong leasing momentum at Barangaroo South reflects the demand that our office sector is experiencing for quality workplaces, demonstrating that there is a growing focus on premium, mixed-use office precincts that offer workers more than just a building.

“Our customer data shows that workers prefer to stay within a 7 minute walk of their workplace so we’ve really focused on creating a dynamic precinct community where people can take advantage of great dining, transport, services like medical, gym and child care, and popular events right on their doorstep. We also get a lot of local and international visitors to the precinct.

“Our tenants tell us they want to be in a place with strong sustainability credentials, it’s what their employees want as well, so we’re making sure we’re continuing to deliver on that.”


For more information: 
Tessie Vanderwert 
General Manager External Affairs, Australia 
M +61 428 483 828