Hines, a global real estate investment, development, and property manager, has announced the practical completion of the firm’s mass timber office building in Melbourne, Australia.
The timber building aims to offer tenants an employee-centric workspace to help attract and retain talent, while supporting the demand for high-quality, green office buildings.
According to Hines, the firm’s T3 Collingwood is said to be the “tallest mass timber office building in Melbourne”. Building with timber, as opposed to concrete and steel, results in significant savings in embodied carbon.
“We are seeing a strong pivot towards ESG adherence, as well as towards core central locations, among today’s tenants — both are expected to underpin growth for the prime end of the office market in Australia,” said David Warneford, country head of Australia and New Zealand at Hines. “Demand is there, and we see good locations and premium green buildings leasing.”
Located at 36 Wellington Street in Collingwood, Melbourne, the 18,200m2, 15-storey heavy timber office building adds to Hines’s global portfolio of 26 timber assets in various development stages across North America and Europe as of 2023.
“These ‘magnet buildings’ are sustainability-driven, well-located, technologically efficient, and adjacent to transit. They are more than just office buildings. They are places for building culture, collaboration, and community.” said Warneford.
“Given the strength of our portfolio, continued momentum in return-to-work in our capital cities, and the future supply dynamics of office, we’re optimistic about the office sector in Australia.”
T3 Collingwood is another milestone development in Hines’s office portfolio, which includes sites such as One Vanderbilt in New York, US, Salesforce Tower in Chicago, US, and One Museum Place in Shanghai, China.
In Melbourne, Hines is also developing 600 Collins, the firm’s AU$1bn next-generation prime office tower in the heart of the city, which aims to set new benchmarks for tenant amenity, workplace, and ESG.