Real Estate Investor and Manager, Cromwell Property Group (Cromwell) has retained ASX-listed Software as a Service (SaaS) company TechnologyOne (ASX:TNE) for a further five years at HQ North, amid Brisbane’s highly competitive office market.
TechnologyOne’s current lease of over 9,600 sqm will now extend from 2021 to 2026, across four levels of HQ North.
Bobby Binning, Head of Property at Cromwell Property Group, said TechnologyOne’s lease extension was a testament to the Cromwell offering and the quality and location of the HQ North premises.
“As one of the biggest space requirements in the market, retaining TechnologyOne in the current competitive environment is a great outcome for Cromwell. Being both an asset owner and building manager, we are able to better understand and deliver on our tenants’ needs,” he said.
“We have a long-standing relationship with TechnologyOne, so we are excited to have them at HQ North for many more years,” Mr Binning said.
TechnologyOne was an anchor tenant at HQ North, after construction was completed in 2010. Since then, the technology company has expanded globally with a team of 1200 worldwide; has hit a market valuation of more than $1.65 billion and risen to join the ranks of the ASX’s top 150 companies.
TechnologyOne CEO, Edward Chung, said the leading Australian Software as a Service company was chuffed to renew the lease on its Brisbane home in Fortitude Valley.
“We carefully considered a range of great options for our location; and HQ North, was the best all-round solution to support our team’s growth and the growth of our business which continues to double in size every four to five years,” he said.
“Our Brisbane headquarters is the seat from which we are taking on global players in the enterprise SaaS market; it’s a place we are proud to call home to at least 2026,” Mr Chung said.
The HQ complex consists of two retail and office towers, located just two kilometres from the Brisbane CBD in Fortitude Valley, across from The Valley. HQ North has a 6 Star Green Star v2 Office Design rating, 5.5 Star NABERS Energy rating, and a 5 Star NABERS Water rating.