Curated Capital completes $20m office upgrade, secures Bupa, Canaccord as tenants

Developers have unveiled a $20m revamp of a city office building – complete with golf simulator – designed to lure workers back into the CBD.

Bluprint’s Frankie Marafioti, Alessio Roscio and Pep Rocca from Curated Capital, and Canaccord Genuity’s Christos Carapetis inside the revamped office building. Picture: Dean Martin

Adelaide’s Curated Capital has unveiled a $20m revamp of an office tower in the city’s CBD after securing a string of leasing deals headlined by health ­insurance giant Bupa.

A new lobby area with wine bar and restaurant, state-of-the-art gym, Adelaide’s “first ensuite-style end-of-trip facilities” and a golf simulator are all features of the upgraded space, which has been designed to lure back workers into the CBD.

The fund manager and its investment partner, Sydney-based Realside Property, paid $76m for the 18-storey building on Pirie Street in 2023, following a long-standing vacancy caused by the Attorney-General’s Department’s move to Charter Hall’s GPO Exchange tower in 2019.

Bupa will occupy 800sq m in the 20,000sq m building, while ASX-listed engineering and construction company Symal Group has signed up for 510sq m, and wealth management firm Canaccord Genuity will take up 525sq m.

They’ll join accounting firm Holman Hodge, with 1067sq m, lifting the total leased space to around 10,000sq m.

Frankie Marafioti taking a swing at the golf simulator. Picture: Dean Martin

Curated Capital co-founder and director Alessio Roscio said the upgrades offered workers a “compelling reason to return” to the office.

“The transformation of 45 Pirie Street reflects the evolving needs of modern businesses that are looking for more than just office space – they want an environment that supports collaboration, wellbeing and productivity,” he said.

“We set out to create a workplace that enhances the daily ­experience of tenants and it’s rewarding to see businesses recognise the value of what we’ve delivered here.”

Italian wine and food offering Reno’s, led by Frankie Marafioti and his team at hospitality group Bluprint, will open in the revamped lobby space in the coming weeks, trading during the day and in the evenings.

The tower includes a new state-of-the-art gym. Picture: Supplied by Curated Capital

Curated Capital and Realside picked up the Pirie Street tower at a deep discount to the $105m Singapore’s AEP Investment Management paid for it in 2017, following a downturn in office markets in the aftermath of Covid-19.

It is now in competition with several developers who have embarked on refurbishment strategies in Adelaide, in a bid to capitalise on return-to-work mandates and the demand for high-quality space with modern amenities.

Quintessential is among the most aggressive, recently completing $30m upgrades of the former Commonwealth Bank headquarters on King William Street and the former Telstra building on Pirie Street.

Realside chief executive Linda Rudd said refurbishing buildings like the Pirie Street tower represented a “a smarter, more responsible way to create high-quality workplaces”, that also delivered environmental benefits over demolition and new construction.

Curated Capital director Pep Rocca said a further 3000sq m of lease proposals were currently in the market, with naming rights on offer to a major tenant.

“The strong leasing momentum at 45 Pirie St is a testament to the market’s demand for premium office space that prioritises both functionality and employee experience,” he said.

“Businesses are looking for workspaces that encourage collaboration, enhance wellbeing and support a thriving workplace culture. The interest we’re seeing in 45 Pirie St reflects the shift towards offices that offer more than just a desk – they offer an environment where people want to be.”

Canaccord Genuity state manager Christos Carapetis said the firm’s move to 45 Pirie St supported its growth in the SA market.

“The new Canaccord Genuity office at 45 Pirie St in the heart of Adelaide is testament to the strategic growth we’re experiencing … and provides a conveniently located, refreshed and expanded space to meet with our clients,” he said.

Knight Frank’s Martin Potter and Rory Dyus, and Nick Shinnick from Upstream Property Solutions, are managing the leasing campaign.

Inside the new lobby area. Picture: Supplied by Curated Capital