 The owners exercised the option in 1991 upon completion of the project, handing joint ownership to the New South Wales Superannuation Board and BT Property Trust.After QV1's opening in 1991, Perth's office vacancy rate hit a high of 73.6% in 1993.However, by 1996 the tower was fully leased and in June 1998 remained the only premium-grade office tower in the city to be fully leased.