Meridian confirms lease in Old Bank Chambers, Wellington

Meridian Energy has signed a long-term lease for part of one of Wellington’s most iconic character buildings, The Old Bank Arcade on Lambton Quay.

The property encompasses four buildings, that were erected independently between 1883–1903. These buildings were subsequently redeveloped into a three-level quality retail centre with two floors of commercial office space. The elaborate detail and former glory of the turn of the century Thomas Turnbull designed banking chamber has been restored with the design following the style of Sydney’s Queen Victoria Building (QVB). The building now extends into the new Willis Lane through the lower ground level.  

Meridian’s lease of the top office floor of the five-level building covers 1,509sqm of office space, with an additional commitment to a new state of the art end-of-journey facility of 272sqm, for a 12-year term. “Meridian’s commitment to the Old Bank is the catalyst for a major upgrade which will recalibrate the energy efficiency of the historic building, show casing what will be an exceptional office environment,” says David Fisher from CBRE.

Meridian engaged Niche FM as their advisers, with the landlord Bank Arcade Holdings Limited working through exclusive agents at CBRE.  

Meridian and the Landlord will be investing significant capital into the building to ensure that it meets Meridian’s environmental standards and serves it well for the long term.  Many of the services are being upgraded to meet modern environmental standards whilst paying homage to the historic classification and character nature of the building.

“We have been searching for a building that meets earthquake standards, is right for our people and culture, and which reflects the company’s commitment to sustainability,” says Meridian Chief Executive Neal Barclay.

“Living Building Challenge certification, the gold standard in building construction, is being targeted for the refit, which will be a first in Wellington, as we work towards creating a place our people will be proud to call home.” 

“Meridian will occupy the space from early 2024, and are pleased to continue their corporate relationship with Wellington and to be a part of the drive to lead from the front in environmental matters.”