Leasing & Management Gardner+Lang was appointed to manage this 51-storey Landmark office building, for the Nauru Phosphate Royalties Trust - which was secured after a lengthy tendering process in 1992.
From 2000 onwards the building has enjoyed an average vacancy rate of under 2%.
Nauru House contains over 50 tenancies; and it tends to require from us the organizational skills more akin to those needed to manage a shopping centre, than an office building. As you would appreciate … integral to our successful management, was the diplomacy needed to keep the tenants happy during the entire $40 million+ recladding of the exterior. Following Peat Marwicks departure just before our appointment, the secret was to quickly develop and implement an innovative strategy to regain the confidence of some very nervous tenants. And thereby, prevent a mass exodus, as their leases fell due. And the strategy proved so successful to the point where … 19 out of 25 tenants decided to renew their leases, for periods up to 12 years. During the twelve months to July 1996, we finalised negotiations for the State Government to lease 14 floors within Nauru House. This represents over 15,000 m5; and means that the building is now virtually fully occupied. The overall marketing campaign culminated in mid-1997, when the State Government moved in to occupy the remaining 14 floors. Since then, the average vacancy rate has remained under 2%. |
