Lend Lease Starting $225M Office Tower

SYDNEY-Lend Lease Corp. Ltd. says it is proceeding with its third project within the Darling Park Office precinct in Sydney’s Darling Harbour, now that half of the 312,000-sf building has been pre-leased. Lend Lease Corp. is selling the building site to General Property Trust, which has retained Lend Lease Development Pty Ltd. as the developer. Bovis Lend Lease will commence construction of the $225-million-sf building immediately, with completion scheduled by mid 2006. Darling Park is a billion-dollar complex that commenced in 1989. Lend Lease Development CEO Des Marks says General Properties Trust exercised a right of first refusal option over the development under the terms of the ownership agreements for Darling Park 1 and Darling Park 2, “provided we could deliver a strong pre-commitment and acceptable commercial terms.”The pre-committed tenants are Marsh Inc., an insurance and risk consulting company, and Mercer, a human resource consulting group. Both entities are part of Marsh & McLennan Cos., the global professional services firm. The companies each inked 10-year leases.