AUSTRALIAN Agricultural Company (AACo) is moving its new office headquarters to FKP Property Group's Gasworks 1 development in Brisbane's Fortitude Valley.
AACo signed a lease on Friday for 900 square metres of office space and another 300 square metres of verandah space for a term believed to be 10 years.
Asking rents are around $595 per square metre in FKP's new building, putting the deal at more than $5 million. AACo, Australia's biggest cattle producer and second largest landholder, was placed in a trading halt last week announcing it was seeking to raise $299 million in capital.
An AACo spokesperson confirmed the new office move which is due to take place later this month.
The company has come under pressure to reduce administration costs and the new move is designed to consolidate the company's two current locations into one. CBRE's Pamela Wakeford negotiated the deal.
