Bauer Media staff who love the publisher’s inner-city location can breathe a sigh of relief, with industry sources revealing the magazine giant is expected to extend its lease at 54 Park Street.
Bauer Media has undergone an extensive search for new offices following the acquisition of 54 Park St by Singaporean developer Far East Organization in May. Despite this, Bauer is likely to sign short-term leases to stay in the building, according to The Australian.
The leases are predicted to be for about two years, with Bauer continuing to search for new long-term headquarters. The group has considered taking space at the Ernst & Young Centre at 680 George St or shifting all its offices into 66 Goulburn Street, but is staying put for now.
A spokeswoman from Far East Organization revealed, As a standard business practice, discussions with our tenants are confidential. However, we can confirm that 54-58 Park Street is a long-term investment for Far East Organization and we are committed to a long-term relationship with our existing tenants.”
The Park Street tower has been the home of ACP Magazines since it was founded by Frank Packer in 1936.
