2003 Media Releases

Deutsche Office Trust (ASX: DOT) today announced leading Australasian commercial legal firm Phillips Fox as a new corporate tenant at 201 Elizabeth Street, Sydney.

Phillips Fox will lease approximately 10,460.5 square metres of office space over Levels 31 to 38 of the building, and one additional floor in the high rise of the building. On exercise of various options the effective lease term will be up to ten years, and includes a licence agreement for 45 car spaces. The lease is effective from 1 August 2004 with early access made available for tenant fitout.

“This new lease transaction is an excellent result for the Trust. It introduces another quality tenant to our portfolio, extends the Trust’s lease expiry profile to 5.8 years and minimises the downtime between tenancies at the building in 2004,” said Deutsche Office Trust’s General Manager, Michael Brown.

Phillips Fox Chief Executive Tony Crawford said the firm, with the assistance of Grant Samuel Property, had undertaken a 12 month rigorous review of the suitable available offerings in the Sydney marketplace, ahead of agreeing to the lease.

According to Mr Crawford, long-term cost control and current and expected growth of Phillips Fox’s business were the key drivers for the firm’s move from its current premises at 255 Elizabeth Street.

“After 10 years at our current location, we needed to identify a property which accommodated our current business, and which had the flexibility to allow for the growth and expansion we are predicting for Phillips Fox over the next five years,” said Mr Crawford.

“201 Elizabeth Street offers this, as well as an opportunity to provide our people and our clients with upgraded high quality facilities which reflect the latest thinking in office environments, interior design and space planning.”

“Particularly pleasing is that this move will allow us to rollout the interior concepts which were developed as part of our new corporate identity, which will ultimately see all of 8 offices across Australia and New Zealand with a consistent look and feel which better reflects our progressive, accessible and down-to-earth corporate personality.”

201 Elizabeth Street is jointly owned by Deutsche Office Trust and Perron Investments Pty Limited. The building is a prominent 42 storey, A-grade office tower directly opposite Sydney’s Hyde Park, providing 34 levels of office accommodation, lower ground retail plaza and basement parking. The Deutsche Office Trust retains a 50% interest in the property.

The owners were represented by James Young and Fiona Denison of Colliers International whilst James Woodburn of Grant Samuel acted for Phillips Fox.

For further information please contact:

Michael Brown
General Manager, Deutsche Office Trust
Phone: (02) 9249 9346
Mobile: 0414 902 601

Kristin Silva/Ainsley Gee
Communications, Deutsche Asset Management
Phone: (02) 9249 9568 / (02) 9249 9904

About Deutsche Office Trust

Deutsche Office Trust one of the largest listed office trust’s in Australia, listed on the Australian Stock Exchange. Its assets are valued at approximately AUD$2billion, which is expected to rise in excess of AUD$2.35 billion upon completion of a new premium office project in Perth and the new A-grade office project in Sydney. With investments in 16 properties across six of the country’s largest office markets (NSW, VIC,ACT and Perth), the Deutsche Office Trust invests in only premium, A and B grade office buildings.