The Ark office building by Investa and Rice Daubney has taken out the NSW Property Council of Australia for Development of the Year award.

The Rider Levett Bucknall 2011 Innovation and Excellence prize marks the fifth award for Ark-Coca-Cola Place.

The building is a finalist for the PCA National awards being held this weekend.

Containing 28,500 sqm of NLA over 21 floors, the $230 million project designed by Rice Daubney was built by Thiess, and has garnered much attention for its ground-breaking design features.

Jointly owned by Investa Property Group and Investa Commercial Property Fund (ICPF), the building is located at 40 Mount Street North Sydney, and incorporates a number of ‘green’ design features including tri-generation power supply and grey water recycling.

Ark is also the first completed high-rise building in New South Wales to achieve the 6 Star Green Star Office Design and As Built ratings, and has been built to achieve a 5 Star NABERS Energy rating.

In addition, Australia’s first tri-generation precinct was switched on at Ark earlier this month, as a result of a landmark agreement between Investa and Origin, at an event officiated by several senior government officials.

Paul Reidy, Principal and Director of Design at Rice Daubney said: “Ark-Coca-Cola Place is an iconic building that has redefined the concept of the modern day office building by creating a highly efficient and functional workspace for its users. The innovative design combined with an impressive array of sustainable features is what distinguishes this development from others.”

Glenn Byres, NSW Executive Director of the Property Council said: “Ark is what design excellence is all about - it is daring, iconic and a true landmark for Sydney.”

In 2010 Ark was the recipient of the Urban Taskforce Development Excellence Award for Development of the Year, the Environmental Development Award in the API NSW Excellence in Property Award, as well as two prestigious Master Builders Association (MBA) New South Wales Excellence in Building and Construction Awards in the Best Use of Glass and Energy Efficiency categories.