Challenger climbs on board the controversial PWC Tower

Friday 6th July 2001

VIADUCT VIEWS: Murray Jordan (left) and John Rowley check out the 26th floor

REDESIGNED: The new lobby entrance has 'greater urban design elements'

By Campbell McIlroy

All the histrionics over AMP NZ Office Trust's controversial PWC Tower may be over but the building is having a dramatic impact on Auckland's waterfront as well as the CBD leasing market.

AMP has just signed Australian-based financial services company Challenger to half of level 26, taking the leasing precommitment in the tower to 63% by space and 65% by rental.

Challenger has taken a six-year lease, with one six-year right of renewal on the 650sq m.

This leaves just five floors, or 6785sq m, left to lease before the building opens in May 2002.

Listed on the Australian Stock Exchange, the Challenger Group manages funds of $8 billion and has a market capitalisation of $1.2 billion.

In 1999 it bought Coronet Asset Management and has $200 million of funds under management locally, which it has already increased by $40 million this year.

Challenger chief executive John Rowley offered an interesting insight into Auckland's CBD leasing market when he said he felt as if Challenger was the only company looking for space - more than 150,000sq m of space remains vacant in Auckland's CBD.

Mr Rowley said the company had decided it needed to be near the Viaduct Basin if it was going to be in Auckland but the Viaduct itself was too much on the edge of the town.

But he said the views from level 26 on the western side of the building made him feel as though he was in the Viaduct.

Prospective tenants have begun to place increasing importance on image when considering their options.

Mr Rowley said in the final decision to sign with the PWC Tower the corporate image the company wanted to project was very important.

Image was also one of the central issues raised by the Society for the Protection of Auckland Waterfront and City (Spacwi) when it sought a judicial review of Anzo's resource consents.

Anzo development manager - leasing Murray Jordan said all the design changes required as part of the settlement with Spacwi had been completed within the original budget.

Stephenson & Turner architect Geoff Land said the new lobby entrance had greater urban design elements and brought the retail spaces further out on to Quay St.

Curved glass and stainless steel staircases will adorn polished black granite walls in the foyer leading to a contrasting white granite core housing the Miconic 10 lifts.

The lift lobby walls will be made of a backlit translucent white glass.

Mr Land said the aim was to get back to the sense of drama and movement lifts first brought to buildings.

The design of the lifts and a variety of lounge areas was aimed at creating a romantic sense of departure and arrival fitting the tower's location next to Auckland's international passenger terminal.

The sense of arrival and departure will be accentuated by the up to 2500 people who will work in the building each day.

Mr Jordan said the leasing programme was on target to reach 80% by year's end and 100% by opening day in May 2002.

He said the majority of the prospective tenants Anzo had talked to were negotiating for half or whole floors.

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