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Forsyth Barr Tower Fully Leased

15 September 2005

Forsyth Barr Tower Fully Leased

Capital Properties New Zealand Limited today announced that the Forsyth Barr Tower in Auckland’s Shortland Street was now fully occupied after entering into a 12-year lease agreement with Vero New Zealand Limited.

The new lease agreement, which expires on December 2017, is for the level six podium floor – an office space area of 1216 square metres.

In addition to Forsyth Barr Tower, Vero New Zealand occupies 10 levels in the Vero Centre, and two levels in Club Tower both on Shortland Street, and by relocating it’s National Agency Branch to Forsyth Barr Tower further consolidates it’s position on Shortland Street.

As a long term institutional investor in commercial property Capital Properties’ philosophy is to attract and retain blue chip tenants and is delighted to be entering into a long-term partnership with Vero.

The lease to Vero reaffirms Forsyth Barr Tower’s strong tenancy profile with Vero joining Forsyth Barr and Meredith Connell in further cementing the buildings position as an excellent institutional asset. The buildings weighted average lease term to expiry, as at today, is extended from 4.74 years to 5.36 years.

ENDS

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