International education provider Study Group has signed a lease for 6700 square metres of space in Church Lane, absorbing space left vacant by Transurban’s move to Collins Square.
Complex negotiations to shift the building’s existing tenants took place before the 9 ½ year lease was struck for the 505 Little Collins Street property.
Agents Shane Burns from CBRE and JLL’s Nick Drake acted for the building’s owner, Credit Suisse, who bought the property in 2008. Real estate adviser Marprop and Bayley Stuart’s Andrew MacGillivray managed Study Group’s search for new digs.
Study group has moved into the bottom four floors of the 11-storey building. One of the ground-floor shops on Church Lane has been converted into a separate entrance that will keep students apart from the commercial tenants upstairs.
The private education provider teaches English to international students and prepares them for university. Study Group has partnerships with major universities around the world and was previously based in Lonsdale Street.
Mr Drake said the deal took six months to conclude, a relatively short time given the complexity of negotiations and the need to create contiguous space for Study Group.