A more energy efficient building at No.2 Market St. Sydney was unveiled yesterday as the most recent addition to the portfolios of Allianz Insurance Australia and Macquarie Office Trust.

The jointly-owned property, of which Allianz will be a key tenant, boasts energy efficient chilled beam air-conditioning and a green rooftop garden with rain water retention and water efficient facilities. John Curtis, chairman at Allianz, said the redeveloped part of the building had been upgraded from an Australian Building Greenhouse Rating of 2.5 to 4 stars, while the new construction on the old forecourt had had received a rating of 4.5 – the highest possible rating for a new building. “Once the building has been occupied for 12 months it will be reassessed for energy efficiency, at which time we are confident it will receive a 5-star-rating,” he said. By 2012, Allianz has a target of reducing its emissions to 20 per cent, while Macquarie is targeting an average building rating of 4.5. The $46 million venture has delivered a project return of over 30 per cent. The office space is 100 per cent occupied with a weighted average lease expiry of nine years and an expected average annual rental growth of more than 4 per cent. One retail tenancy position remains vacant.

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