Mirvac has completed the electrification of EY Centre at 200 George Street in Sydney, making it one of the first asset owners to hold five fully electrified office buildings in its portfolio.

Co-owned by Mirvac and M&G Real Estate, the building carries a 6-star Green Star and 5.5-star NABERS Energy rating and has now been upgraded by replacing gas-based systems with high-efficiency electric heating and hot water, using natural refrigerants to further reduce environmental impact.

The milestone reflects a broader shift in the commercial property market, as owners respond to growing tenant demand and policy signals to move away from gas. Industry research by JLL shows around 85% of large Sydney Central Business District (CBD) tenants now have net-zero targets, many with deadlines by 2030, while the supply of all-electric office space remains limited.

"Projects like this are critical to how we decarbonise our portfolio over time," says Victoria Tavendale, Mirvac Chief Asset Management Officer. "They allow us to reduce our reliance on offsets, respond to tenant demand, and position our assets for the future. By removing gas from core building systems, we are reducing emissions and ensuring the asset remains competitive for tenants with net-zero commitments."

Sustainability as a leasing requirement

Tavendale notes that sustainability has moved beyond a point of difference in leasing decisions. "We are seeing sustainability move from a differentiator to a core requirement in leasing decisions," she says. Industry data supports this, with buildings carrying strong sustainability credentials shown to deliver stronger leasing outcomes and long-term asset performance.

Alex Banzic, M&G Real Estate Head of Australia, says the electrification builds on the building's established sustainability record. "As long-term co-owners of EY Centre, M&G is focused on supporting high-quality workplaces that respond to changing occupier expectations while making meaningful progress on sustainability and decarbonisation.

The electrification of EY Centre builds on the asset's strong track record in innovation and sustainability, helping ensure it remains relevant, resilient, and attractive to occupiers over the long term."

Richard Seddon, Mirvac Chief Executive Officer, Investment, says electrification is central to the company's long-term portfolio strategy. "Investing in electrification is key to achieving our net positive carbon target, and at the same time, it helps us to maintain long-term asset value and ensure our portfolio remains aligned with tenant demand for low-carbon buildings. EY Centre forms part of Mirvac's wider program to electrify its office portfolio, which is now embedded into Mirvac's portfolio-wide strategy and strategic asset planning processes."

A growing electrification program

Since 2019, Mirvac has committed to delivering all-electric new office developments, including 80 Ann Street in Brisbane. Targeted upgrades to existing assets have been completed across fringe CBD buildings Bay Centre, One Darling Island, and 101 Miller Street in Sydney. Gas removal and heat pump upgrades are also underway at 275 Kent Street and 8 Chifley Square in Sydney and at Riverside Quay in Melbourne.

The company procures 100% renewable electricity across its portfolio, with further assets planned to transition by 2030 as part of a staged electrification program.

Architecture & Design Team

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