Chevron has committed to an extension until December 2023 at 256 St Georges Terrace and expanded on its existing space while it awaits construction of its new headquarters at Elizabeth Quay.

In a deal negotiated by Knight Frank’s Joint Heads of Office Leasing – Greg McAlpine and Ian Edwards – Chevron will extend its existing lease over 11,828 square metres and align it with a new lease over a further 2871 square metres.

At a glance:

• Chevron lease a total of 14,699 square metres in St Georges Terrace tower in one of the biggest office leasing deals of the year
• The company secures more space as it awaits construction of new headquaters at Elizabeth Quay
• Demand for quality A-Grade office space tightens in Perth

​Both leases will expire in December 2023, with the new lease covering all of level one of the A-grade building.

Knight Frank Partner – Joint Head of Office Leasing, Greg McAlpine, said when Chevron moved into 256 St Georges Terrace eight years ago it was one of the biggest leasing deals of the year and absorbed more than half of the building’s available space.

He said the new extension of the lease, plus the addition of another 2,871 square metres at Level 1, making a total of 14,699 square metres, again made it one of the biggest office leasing deals of 2019.

Knight Frank’s Ian Edwards who also worked on the deal said the reasons why Chevron first moved into the building – proximity to its HQ, large 3000 square metre floor plates and good amenities for staff – were still relevant.

Edwards said the market for quality A-grade and premium office space had tightened significantly over the last 18 months and that Chevron had consolidated to secure the additional space in the same building.

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