Allianz joins Deloitte, Flinders University at Walker Corporation’s One Festival Tower

Insurer Allianz will relocate its Adelaide offices into Walker Corporation’s One Festival Tower development after signing up for two floors in the 29-storey building.

Allianz will relocate its Adelaide offices into Walker Corporation’s One Festival Tower office development at Festival Plaza, lifting the project’s pre-commitment rate to 90 per cent ahead of its completion later this year.

The insurer has agreed to a 10-year lease for close to 4000sq m across levels 15 and 16 of the tower, joining Deloitte, Flinders University and Mott MacDonald as tenants who will begin their move in March.

Allianz general manager of workplace services, Gwendy Arnot, said the move from the company’s current headquarters on Currie St would enable it to offer an increased level of flexibility to staff while also prioritising health and wellbeing.

“We’re really excited to be relocating to One Festival Tower, one of Adelaide’s newest A-Grade buildings in the heart of the revitalised Festival Plaza,” she said.

One Festival Tower. Picture: NCA NewsWIRE / Emma Brasier

“Our focus on bright, collaborative and sustainable spaces is key to leveraging one of our most important assets - our people - in the most productive way.”

One Festival Tower will become Adelaide’s tallest all-electric tower once its completed, offering 40,000sq m of office space across 29 levels.

It is designed to achieve a 6 Star Green Star rating and 5.5-star NABERS rating.

Walker Corporation chief executive David Gallant said Allianz’s decision to move into One Festival Tower reflected a broader trend of corporates favouring higher quality buildings for their staff.

“The flight to quality is undeniable. Adelaide CBD has had one of the lowest proportions of A-grade stock in the country but One Festival Tower is setting the benchmark for the businesses demanding modern, connected and sustainable places to bring their teams back to the office,” he said.

“One Festival Tower is our signature statement in Adelaide, combining decades of learnings to set a new benchmark in office design, employee experience and wellbeing, connected to the best restaurants, cafes, shops, entertainment and amenities.”

Knight Frank head of commercial valuations Nick Bell said the flight to quality meant Adelaide was in need of more A-Grade office accommodation in order to cater to the new-found demand.

“High-quality offices are in high demand because companies of all shapes and sizes are adjusting their leasing strategies to include premium space, which means Adelaide needs more A-Grade assets to cater to a changing market,” he said.