Insurance company Suncorp Group Holdings (NZ) Ltd will cut its footprint in the Vero Centre on Shortland St, in the Auckland cbd, from 9214m² to 5991m² under the terms of a new 12-year lease.
Its landlord, Kiwi Property Group Ltd, said yesterday it had entered into a heads of agreement with Suncorp, which has been a major tenant in the tower, with naming rights, since its opening in 2001.
Suncorp operates in New Zealand under its Vero & Asteron Life brands.
Kiwi Property chief executive Chris Gudgeon said yesterday: “The new Suncorp NZ lease is testament to the Vero Centre’s continuing position as one of New Zealand’s premier business addresses.”
He said the lease improved the building’s weighted average lease term to 7 years and gave the company’s office portfolio a weighted average lease term of 10.4 years. The agreement includes 2 3-year rights of renewal.
Mr Gudgeon said Suncorp was redesigning its workspaces to accommodate an activity-based working environment.
Attribution: Company release.