Under the new scheme, the two groups will work together to design and deliver a new 10,000 square metre head office for Johnson & Johnson in Macquarie Park, which will bring together the company’s 820 office-based employees from across Sydney.
Louise Mason, Stockland group executive and chief executive commercial property, said the acquisition will significantly increase the group’s presence in the rapidly growing Macquarie Park office market.
“The transaction aligns with our broader strategy to up-weight our workplace and logistics portfolio and build on our $4.4 billion development pipeline, particularly through Sydney and Melbourne opportunities that enhance long-term income and valuation resilience,” Ms Mason said.
The deal comes as Colliers International managing director (office leasing) Simon Hunt said while it was too early to determine direct outcomes of the COVID-19 impact on the office environment, “when we consider outcomes from past market interruptions, the data shows that office space will continue to grow”.
He said while there has been many “shocks” to the office market such as the global financial crisis, SARS and introduction of activity-based working, which were all predicted to drastically change the approach to working in the office, “our markets have bounced back from these events every single time and office space has experienced exponential growth”.