SYDNEY -- 16 March 2000 -- Cisco Systems has committed to approximately 25,300 sqm of commercial office space at two locations on Sydney's North Shore as part of its aggressive expansion plans for the Australian marketplace.
Cisco has leased all remaining office space at 80 Pacific Highway, North Sydney, a new development by Leighton Properties. This extends to 12 floors; 11,545 sqm, representing about 85% of the entire building.
The lease is for an eight year term, which will commence shortly after completion of the building in early April 2000.
Further up Sydney's North Shore, Cisco has also leased 13,750 sqm at The Forum, St Leonards, for an 8 year term. The development is being undertaken by Winten Properties and is scheduled for completion mid-2000.
Terry Walsh, Managing Director Cisco Systems Australia and New Zealand, said the leasing agreements were a reflection of Cisco's growing presence in Australia.
"Cisco is one of the fastest growing companies in the Australian information technology industry," Mr Walsh said. "Our growth in Australia is buoyed by a rich pool of local talent and a readiness among businesses to adopt new technologies and Internet solutions.
"We are very happy to have found these outstanding, conveniently located facilities which meet our significant spatial and utility requirements. We evaluated our accommodation needs and concluded we required space in both locations; North Sydney and St Leonards."
GVA Grimley acted as property advisers to Cisco throughout the process. Peter Messenger, Managing Director of GVA Grimley, said; "Through negotiation, GVA Grimley secured the lease terms Cisco required to ensure effective operation of their business at both premises to support their expansion requirements."
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