BDO commits to landmark lease for new office in Sydney’s CBD
After a stagnant post-pandemic period in the Sydney office real estate market, mid-tier accounting and consulting firm BDO has come out blazing with a massive new lease at Parkline Place in the central business district.
Australia’s largest mid-tier accounting and consulting firm BDO is gearing up for a move to a modern new office in Sydney, the first tenant signed up for the Parkline Place development on the corner of Pitt and Park Streets.
BDO has leased 6,100 square metres across levels 22 to 25 of the 39-storey tower, which is due to be completed toward the middle of next year. The firm expected to relocate from its current Margaret Street base in 2025.
“Our move to Parkline Place is testament to the strong growth and demand we’ve experienced over the past few years as BDO has cemented its position as one of the leading advisory firms in the market,” commented Sydney managing partner Grant Saxon. “BDO is known for exceptional client experience and this office move will accommodate our people and clients in an environmentally sustainable and flexible office environment.”
The deal has been described as one of the largest struck in the CBD since the onset of the pandemic, and subsequent switch to remote and hybrid working. According to Accountants Daily, BDO’s Sydney branch has almost doubled its headcount since 2020, jumping from 330 partners and staff to more than 600 in a little over two years. A spokesperson however told the publication that there were no fixed number of days employees were required to be onsite.
Saxon stated that the firm’s guiding principle on flexibility was about “earning the commute”, adding that the more spacious office’s “location and integration with Sydney’s transport network will make it easy for our people and clients to access our team. The design of the office is also critical so that staff will have an incentive to come together and collaborate in a sustainable environment with amenities that encourage agility and a positive work culture.”
Designed by renowned architects Foster + Partners, the $1.3 billion Oxford Properties-owned building sits above the integrated Sydney Metro Pitt Street Station, providing access to Central Station, Martin Place and Hyde Park in a matter of minutes. Operationally net zero and powered by 100 percent renewables, Parkline will also feature extensive retail and hospitality space, with design features including social hubs and a multi-purpose podium.
Oxford Properties head Alec Harper described BDO’s signature as a major milestone. “It's further validation of our long-term investment thesis that best-in-class workplaces that are green, smart and focused on wellness and employee experience will continue to outperform. The successful workplace of tomorrow is not just a location for employees to assemble; it inspires employees, fosters collaboration and learning, and is an extension of a company’s brand.”
The move to Parkline Place will follow on the heels of BDO’s Greater Western Sydney office launch in Parramatta last year (real estate consultancy Kernal Property advised on both deals), extending its Australian network to twelve.
BDO is not alone in upgrading, with various state practices of the Big Four on the move or otherwise signing new leases, including KPMG’s recent shift to new digs in Parramatta and Deloitte’s upcoming relocation in Adelaide.
