55 Pitt Street tops out as Sydney faces looming office supply crunch

Mirvac and Mitsui Fudosan Australia have reached a major construction milestone at 55 Pitt Street, with the Premium-grade office tower topping out at 55 storeys as Sydney approaches a significant shortage of new CBD office supply.

55 Pitt Street is one of only two major office projects expected to complete in the Sydney CBD in 2027, with no further new supply currently forecast to come online until 2031.The constrained development pipeline comes as demand for Premium-grade office space strengthens. Sydney CBD Prime net effective rents increased 8 per cent in the year to September 2026, and Premium-grade vacancy is now just 9.2 percent in Sydney’s CBD, its lowest level since early 2022 according to latest JLL Research .

Set for completion in 2027 with an estimated end value of ~$2 billion, 55 Pitt Street will deliver 63,000 square metres of next generation workplace across 55 levels. Leasing has exceeded 40 per cent, with MinterEllison, Aon and Baker McKenzie among the major organisations committed to the tower and strong tenant engagement across the remaining space.

Mirvac’s Group Managing Director & CEO, Campbell Hanan, said the topping out milestone came at an important point for the Sydney office market.

“Reaching full height at 55 Pitt Street is a significant milestone for the project and for the continued evolution of Circular Quay and Sydney’s CBD.

“With very limited new office supply expected after 2027, organisations considering their future workplace needs will have fewer opportunities to secure new Premium-grade space in the Sydney CBD.

“We are seeing leading organisations focus on quality, sustainability, location and experience when making long-term workplace decisions. The strong leasing momentum at 55 Pitt Street reflects the appeal of a future-focused workplace at one of Australia’s most connected commercial addresses.”

Executive Managing Officer, Chief Operating Officer, International Division, Yugo Ono, said the milestone reflected the partners’ long-term confidence in Sydney and the resilience of high-quality office assets in globally significant locations.

“55 Pitt Street is being developed as a premium, future-focused workplace designed to perform over the long term. We are confident that it will make a positive contribution to Sydney’s commercial future.

“We greatly value our relationship with Mirvac. Our organisations share a commitment to quality, collaboration and long-term thinking. 55 Pitt Street brings these qualities together.”

The Right Honourable Clover Moore AO, Lord Mayor of Sydney said Sydney’s success depends not just on grand designs, but on partnerships – great private developments supported by great public spaces.

“Good designs improve the character of a city and attract global interest and new businesses. They strengthen our economy and our reputation. 55 Pitt Street is a premium commercial development that will combine world-class office, retail and hospitality spaces and wellness facilities.

“Congratulations to everyone involved in reaching this milestone – the highest point of construction – and on creating a place that will serve city life for decades to come.”

Mr Hanan said the tightening supply outlook reinforced the importance of delivering new workplaces that respond to the changing expectations of organisations and their people.

“Companies are increasingly seeking workplaces that help them attract talent, bring people together and strengthen connections with clients.

“55 Pitt Street brings together Premium-grade workspace, sustainability, wellness, hospitality and exceptional connectivity in a single destination. These qualities will become increasingly important as the availability of newly developed office space tightens.”

The development has been designed by SHoP Architects and Woods Bagot to celebrate its harbourfront setting and create a new destination for workers, visitors and the public. It features one of Australia's most unique and sophisticated façades - designed in New York, manufactured in Italy, assembled in Vietnam and delivered to Sydney, the façade overcame global supply chain disruption and is set to become a defining feature on Sydney’s skyline.

Florence Guild has partnered with Mirvac to curate an elevated, hotel-style experience across dedicated workplace hospitality floors, including a business lounge, premium concierge, wellness facilities and conference spaces.

The top two floors will feature entertainment and dining spaces Jiah restaurant and Luft Bar, including one of Sydney's highest public rooftop hospitality destinations, surrounded by an 830-square-metre landscaped sky garden with expansive harbour views.

"55 Pitt Street has been designed as more than an office tower. It will be a destination that connects people to the city, harbour and each other, including new, activated laneway connections and more than $4 million invested in public art, inviting visitors to pause and reflect on Gadigal Country." Mr Hanan said.

"From the arrival experience featuring a soaring 22 metre ceiling, native landscaping and a multi storey waterwall, through to the rooftop garden and hospitality offering, every aspect of the project has been designed to create a workplace and public destination unlike anything else in Sydney."

Florence Guild CEO and Founder Soren Trampedach said In a culture where isolation is epidemic, Florence Guild has a simple mission.

“Rather than places people have to be, we create spaces people want to belong. Where community and connection are considered in every element and every experience. 55 Pitt Street is an incredibly exciting opportunity to take that even further.

“Florence Guild’s offering will span ten floors. Work Club will provide private offices, coworking spaces and a club lounge across Levels 40 to 42. The wider Florence Guild offering will include dedicated wellness and recovery facilities, conference and event spaces, a lobby bar and concierge. A destination fine dining restaurant on Level 54 and a rooftop bar and terrace on Level 55 will crown the building, while a mix of retail and hospitality offerings will bring the ground floor to life.

“Together with Mirvac, we’re creating a destination that becomes part of people’s everyday lives, from their first coffee to their last meeting and into the evening.”

55 Pitt Street will join Mirvac's premium office portfolio including Heritage Lanes in Brisbane, 200 George Street in Sydney and Olderfleet at 477 Collins Street in Melbourne. The project forms part of Mirvac's broader commercial and mixed-use development pipeline and commitment to creating high-quality, sustainable destinations in Australia's leading cities.

For more information, please visit Mirvac's 55 Pitt Street project website.

ENDS

For further information please contact:

Virginia Johnstone
Senior Manager – Corporate Media
+61 430 793 875

About 55 Pitt Street

• 55 Pitt Street will feature 1,200 square metres of hotel-style wellness amenities, including a dedicated studio, treatment and recovery rooms, and state-of-the-art end-of-trip facilities that place wellbeing at the centre of the workplace experience.
• The design begins with place. The sandstone base, the carved form of the Cove and the renewed network of streets and laneways establish a strong civic presence at ground level, while connecting the building to the history, texture and natural character of Sydney.
• The tower's entrance will open into a dramatic urban oasis featuring a soaring 22-metre ceiling, native landscaping and a multi-storey water wall, creating a distinctive arrival experience at the heart of the CBD.
• The precinct will create a new publicly accessible connection between Dalley and Underwood streets, introduce retail and outdoor connected dining opportunities, and deliver four public artworks across the precinct, ranging from monumental to intimate scale and inviting visitors to pause and reflect on Gadigal Country.
• 55 Pitt Street has been designed as a fully electrified, net zero operational building, targeting leading sustainability benchmarks including a 6 Star Green Star rating, 5.5 Star NABERS Energy and 4.5 Star NABERS Water, alongside a 95 per cent construction waste diversion goal.
• The tower's climate-responsive façade is wrapped in glazed terracotta sunshades, complemented by fresh air access through operable windows on select low-rise and high-rise floors.
• Workforce: 345 currently onsite, more than 1,370,000 hours worked to date
• Structural steel: 650t of permanent steel and 120t of temporary steel
• Structure: 60,000 CUM concrete (24 Olympic sized swimming pools); 70,000sqm formwork; will be 237m above the city and Mirvac’s tallest building to date
• Façade: more than 7,000 panels on the project; 50,000 pieces of terracotta installed on the façade
• External lifts: Each has travelled over 5,000km to date (Sydney to Antarctica)

About Mirvac

Founded in 1972, Mirvac – an Australian Securities Exchange (ASX) listed company - has been making a positive contribution to our cities and the urban landscape for over 50 years, through our connected communities, exceptional workplaces and thriving shopping centres. At Mirvac, we see the world not just as it is, but as it can be. At the heart of everything we do is the belief that change begins with seeing the world differently. Imagination allows us to look beyond what’s possible today and dream of what tomorrow could be.

We own and manage assets across office, retail, industrial and living sectors in our investment portfolio, with ~$24 billion of assets under management, and we are also proud to manage ~$18bn in third party capital for valued Australian and international partners across the office, industrial and living sectors. Our integrated design and construction capability spans commercial, mixed-use, and residential, and our ~$27 billion development pipeline enables us to deliver innovative and high-quality property for our customers, while driving long-term value for our securityholders.