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Proposals land for AMP Capital office fund
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A select group of the countryâs top property fund managers â including Lendlease, GPT, Charter Hall, Investa and Mirvac â has lodged submissions offering to take over the running of AMP Capitalâs $7 billion office fund, the jewel in a shrinking crown of real estate assets still managed by the embattled platform.
The initial phase of a review of options for the AMP Capital Wholesale Office Fund has also attracted a wide range of unsolicited submissions. The initial mix of proposals includes ones from CBRE, Brookfield, Axa Investment and Stockland.
Artist s impressions of AMP s new Quay Quarter Tower at Circular Quay in Sydney.Â
Lawyers dump office space in post-pandemic purge
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Law firms are moving to reduce their office footprint in the post-pandemic economy, with at least one large firm already shedding 25 per cent of its space after doing an audit of its needs since the move to flexible working.
Norton Rose Fulbright moved into new premises in Sydney in November 2019, taking up eight floors at 60 Martin Place. However, it has now subleased two floors to a yet-to-be -disclosed government entity and has reduced its footprint in other cities.
Alison Deitz is drastically cutting Norton Rose’s office footprint.
Peter Rae
Global firm Ashurst is looking to reduce its office space by 20 per cent, while others are undertaking redesigns that will provide more collaborative spaces.