Law firm ends one Shortland Street partnership to start another

By COLIN TAYLOR

Eighty years of history within the same building will come to an end for Meredith Connell shortly when the legal firm moves to a building owned by publicly listed Capital Properties New Zealand.

But the firm will not be moving far. It is relocating from the General Buildings at 29 Shortland St, and part of a floor in another building, to the Forsyth Barr Tower just up the road at 55-65 Shortland St.

Since its establishment in 1921, the Crown Warrant for Auckland has been held by a partner in the firm.

Chairman of partners Simon Moore is the present Auckland Crown Solicitor. Meredith Connell conducts all major criminal prosecutions on behalf of the Crown in Auckland and also offers specialist legal services to Crown and commercial clients.

The firm has taken a 12-year lease over 2250sq m on levels 15, 16 and 17 of the Forsyth Barr Tower, with a right of renewal for a further term of nine years.

The lease was facilitated by office leasing specialist Andre Siegert of Bayleys Real Estate.

Nick Cobham, Auckland manager of Capital Properties, says as a long-term investor in commercial property, the company's philosophy is to attract and retain blue chip tenants. The company was "thrilled" to be entering into a long-term partnership with Meredith Connell.

Meredith Connell will be the largest tenant in the building and the lease will have a positive impact on the building's investment value.

Not only has the lease increased the building's rental income, it has also extended the weighted average lease term to expiry from four to six years which is all-important in helping to sustain the value of the asset over the long term.

There is now only one full floor available for lease in the building, the 1216sq m podium floor on level six.

Meredith Connell is a 16-partner law practice based in central Auckland and Manukau City with a staff of about 130 people.

Chris Moore, senior commercial property partner and chairman of the firm's board, says the partnership was sad, as a foundation tenant, to leave such an iconic building as 29 Shortland St but the move was necessary because of the growth of the practice.

"In recent years, our practice has expanded to accommodate the needs of a broadening client base, including the provision of litigation, commercial and commercial property services to its Crown and corporate clients."

The 18-level Forsyth Barr Tower was constructed in the mid-1980s, with an adjoining tower building.

The Shortland Centre, as it was known, was considered state of the art when it opened in 1987 and won the category Auckland A BOMA award in 1989. One of its features is a large garden area above the podium levels of both buildings.

Capital Properties acquired the building in 1999 as a result of its takeover of Shortland Properties and undertook a $1.5 million refurbishment in 2001 which encompassed the common area lobby, lifts and building services.