Tenants flock to refurbished St James office complex

GLOBAL insurance broker Willis has become the second marquee tenant to take space in the redeveloped St James office complex on Bourke Street, which is expected to be completed in a matter of weeks.

Juilliard Group's $120 million refurbishment of the landmark 1960s brutalist building has attracted law firm Holding Redlich as its anchor tenant.

Willis Group will relocate its Melbourne headquarters in April after taking a floor of more than 2300 square metres. The company is giving up three floors at 570 Bourke Street.

It marks the second major deal for 555 Bourke Street, with about 44 per cent of its 20,000 sq m of office space leased. Industry sources say rents are about $400 per sq m.

"We've also been seeing some strong interest in taking up that vacancy from another name brand tenant," said Stuart Colquhoun, Jones Lang LaSalle's head of office leasing.

CBRE had leased 6500 sq m to Holding Redlich last year. A campaign to lease about 3000 sq m of retail space in the complex's distinctive L-shaped plaza is also reportedly under way.

The heritage-listed St James complex was bought for $97 million in 2002 by two companies owned by the Werdiger family, which runs the Juilliard Group.