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Allianz Takes Key Tenancy

Festival Tower welcomes Allianz

Date: 5th Dec 2023

Allianz will relocate its South Australian office to Festival Tower by Walker Corporation, as part of a national strategy to uplift the employee experience with Premium A-Grade office space.

Allianz has committed to a 10-year lease at Festival Tower solidifying a 90% pre-commitment at Adelaide’s newest premium commercial address, reinforcing the surging demand for modern, connected, highly sustainable and amenity-rich workplaces in one of Australia’s most tightly held CBDs.

Allianz will be among the first tenants to move into Adelaide’s tallest all-electric tower next year, occupying almost 4,000 square metres across levels 15 and 16.

Allianz General Manager Workplace Services, Gwendy Arnot, said moving to Festival Tower allows the company to introduce seamless technology and increase flexibility while prioritising health and wellbeing. "We're really excited to be relocating to Festival Tower, one of Adelaide's newest A-Grade buildings in the heart of the revitalised Festival Plaza,” said Ms Arnot.

“Our focus on bright, collaborative and sustainable spaces is key to leveraging one of our most important assets - our people - in the most productive way."

Walker Chief Executive Officer David Gallant said Allianz’s move to Festival Tower reinforces the significant market shift towards premium A-Grade towers in Adelaide.

“Allianz is one of the most trusted brands in Australia and we are proud to have them join the long list of high-quality tenants at Adelaide’s most premium business address,” said Mr Gallant.

“The flight to quality is undeniable. Adelaide CBD has had one of the lowest proportions of A-grade stock in the country but Festival Tower is setting the benchmark for the businesses demanding modern, connected and sustainable places to bring their teams back to the office,” said Mr Gallant.

“Festival Tower is our signature statement in Adelaide, combining decades of learnings to set a new benchmark in office design, employee experience and wellbeing, connected to the best restaurants, cafes, shops, entertainment and amenities.”

Research from Knight Frank and Property Council of Australia indicates that despite Adelaide bringing a record 92,000+ square metres of premium commercial space to the market, a significant portion of it is already pre-committed.

“High-quality offices are in high demand because companies of all shapes and sizes are adjusting their leasing strategies to include premium space, which means Adelaide needs more A-Grade assets to cater to a changing market,” said Knight Frank Head of Commercial Valuations, Partner Valuation & Advisory Nick Bell.

Allianz joins Deloitte, Flinders University and Mott MacDonald at Festival Tower where 4,000 workers will eventually call home. Festival Tower is designed to achieve the highest 6 Star Green Star rating, a 5.5-star NABERS rating and connections to all major transport links including trains, trams, buses and cycle paths.