Richina Pacific Mobil On The Park Leasing

Richina Pacific Mobil On The Park Leasing For Lucent

Richina Pacific has leased two floors (2000 m2) and given an option over a third to Lucent Technologies NZ in the central Wellington office tower Mobil on the Park.

The 25 level tower is Wellington's newest and occupies a whole city block fronting Lambton Quay in the heart of the Capital's central business district.

It is regarded by many as the superior office tower development in Wellington.
Mobil on the Park has attracted an impressive list of tenants. It was first occupied on its completion in 1998 by anchor tenant Mobil, who took five floors. In 1999 Russell McVeagh occupied five floors and WestpacTrust two floors. Separate subleases are held by Salomon Smith Barney and Synergy.

Richard Yan, CEO of Richina Pacific, said the latest lease effectively completed the leasing of the tower. "Once we lease level four in the refurbished character space that forms the Podium to the Tower (which is currently under negotiation), the building will be fully let."

"The Lucent lease will substantially reduce the vacancy factor in the prime category buildings in Wellington, which in turn will reflect in rental growth and increased value.

"The Lucent lease is for nine years, including two three-year rights of renewal.

"The lease is at market rate for superior space, and will allow for some future growth in rental levels at renewing" said Mr Yan.

END

For further information please contact
Mr,Richard Yan
Chief Executive Officer
Richina Pacific Limited Telephone 09-375 2188
A RICHINA GROUP COMPANY

Representative for Lucent Technologies NZ
Mr John Cameron
Managing Director
Jones Lang LaSalle Advisory Limited
PO Box 4536
Auckland
Telephone 09-358 3688
Issued on behalf of Richina Pacific by Dennis Lynch, Network Communications
Telephone 09-379 3154
2

A RICHINA GROUP COMPANY

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