Telstra Rents Brookfield Place from bhp

BHP Billiton’s multimillion-dollar rental expense for 8300sqm of unoccupied Brookfield Place tower one space will be alleviated by a two-floor sublease deal with Telstra.

Brookfield Property Partners has confirmed speculation that Telstra had missed out on space in Brookfield Place tower 2, opting instead to sublease two of BHP’s floors in the fully let tower one.

It is understood BHP - likely paying boom-time rental rates on 8300sqm over five floors left vacant by the departure of South32 19 months ago - plans to sublease another two floors, roughly 3500sqm, and withdraw the fifth.

Telstra ultimately decided to split its space between Brookfield Place tower one and WorkZone at 1 Nash Street.