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Kodak takes a significant lease in Trenerry - Growth Fund No.1

July 2010

Brisbane-based property fund manager, Opus Capital Limited, is celebrating the finalisation of a lease with the world’s foremost imagery innovator, Kodak, at its Trenerry on Studley Park office complex at Abbotsford in Melbourne. 

Kodak, which is part of the US based Eastman Kodak Company, will occupy 1,600 square metres of net lettable space at the 4 Star Green Star rated office complex at 436 Johnston Street, Abbotsford. 

Trenerry on Studley Park was also recently selected for the Victorian office of another global brand, pharmaceutical giant GlaxoSmithKline (GSK), and leading international technology distributor, Ingram Micro. 

Opus Capital Limited CEO, Dean Palmer, said the five-level, 10,200 square metre building, part of Opus Capital Growth Fund No. 1, was now 75 per cent leased, with just over 2,400 square metres of office and retail space remaining. 

“Our ability to attract high profile tenants such as Kodak and GlaxoSmithKline clearly distinguishes Trenerry on Studley Park among its competitors. 

“We believe the building sets benchmarks in terms of design quality and flexibility, while also scoring highly in terms of its environmental credentials. 

“We understand that the combination of location, structure and environmental characteristics have been integral in Kodak’s decision to relocate from its Collingwood premises,” Mr Palmer said. 

He said Kodak, which employed around 180 people around Australia, had signed a five-year lease and planned to move from their current headquarters at Collingwood into the building around September this year. 

Kodak CFO, Mitchell Wu, said the new head office of Kodak Australasia would open a new chapter in the company’s rich history. 

“We are extremely pleased to be moving into a new modern building with a 4 Star Green Star rating as it reinforces Kodak’s commitment to the environment and its own sustainable policy,” Mr Wu said. 

“The building’s unique location combined with its high quality design and environmentally friendly features were the key reasons we chose Trenerry on Studley ahead of others. It fits our needs perfectly.” 

Melbourne based Rob Joyes of Colliers and Phil Cullity from Savills acted as joint leasing agents on behalf of Opus Capital. Tim Farley of CBRE Global Services acted on behalf of Kodak. 

Phil Cullity of Savills said the deal had been struck on a rate comparable with current rates achieved in the surrounding area. 

“Trenerry on Studley Park continues to attract strong interest from a range of tenants currently located in the CBD and near city areas. 

“The capacity to lease the remainder of the building is significantly enhanced when it’s understood that the neighbours are virtually household names in many countries around the world,” he said. 

Mr Joyes of Colliers said the deal came as Melbourne’s near-city office market continued to tighten. 

“I expect we will now see a relatively quick take-up of the remaining space at Trenerry on Studley Park,” Mr Joyes said.