Meta, Amazon, IBM, HP: Flexible leasing model at tech titan’s Auckland offices changed

Precinct Properties leases flexible Auckland office space to tech titans Meta, Amazon, IBM and HP.

Now it is changing the model of its leasing business, which rents desks to those giants here, giving it a new name.

Scott Pritchard, CEO of the NZX-listed Precinct, said that from August 4, Generator would become Precinct Flex.

The business was called Generator when Precinct Properties initially bought a 50% stake before then taking full control in 2019.

And it’s stayed that way since.

The time is now right, Pritchard said, to bring Generator under the Precinct umbrella by including that name in the business.

Precinct Properties CEO Scott Pritchard in Pipiri Lane, the former Flowers Building in Wynyard Quarter on Auckland's waterfront. Photo / Jason Dorday

Google isn’t under the flexible leasing model but all the other tech giants are.

They are in Wynyard Quarter and Britomart offices owned by Precinct.

Pritchard announced the changes to Generator from Pipiri Lane – itself getting a new name for what has been called the Flowers Building, standing beside Beca’s new headquarters.

Jess Curnow of Precinct Flex said the ground-floor socialising space of what was the Flowers Building will be called Halsey Traders.

The view from Pirpiri Lane on Halsey St. Photo / Jason Dorday

That area can accommodate about 80 people at a cocktail event, she said.

The ground floor also has a meeting suite with spaces ranging from a four-person meeting room to an executive boardroom for up to 14 people.

Level two has an event space and terrace overlooking the Viaduct Harbour.

It can host theatre-style events for up to 300 people, cocktail events for up to 500, or many different smaller events because it has room dividers to shut off and open up spaces.

Work is now concluding on Pipiri Lane, ready for it to be tenanted from September.

Pritchard said that will conclude a decade working in the Wynyard Quarter for Precinct.

Pipiri Lane is due to be ready to be tenanted from September. Photo / Jason Dorday

Is it over now?

No, he said. Precinct is working with Orams on a new scheme for its waterfront land on Beaumont St and Pritchard said plans for that block were coming together.

Precinct Flex was a natural evolution of the business, he said.

Nearly done – inside Pipiri Lane, Wynyard Quarter. Photo / Jason Dorday

“The change marks an important new chapter for our business. It’s about bringing together our leadership in the flex space with our best-in-class commercial offering to provide our clients with a cohesive solution and seamless service,” he said.

Precinct doesn’t lease flexible space by the square metre but rather by the desk, he said.

Precinct Flex leases desks to about 250 businesses including Fortune 500 companies, and multinational and New Zealand corporates, he said.

The remaining membership is made up of start-ups and entrepreneurs.

Precinct Flex leases desks in Britomart, at 12 Madden St in the Wynyard Quarter, in the PwC and HSBC towers and in Wellington’s Bowen Campus and Waring Taylor St.

Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.