Marquette Properties has exchanged contracts to buy an office tower in Brisbane’s ‘Golden Triangle’ from Dexus in a $420 million deal.
The A-grade office tower at 12 Creek Street in Brisbane’s CBD offered 38,746 sqm across 32 levels.
The property included the Annex which comprised a new boutique office space and rooftop terrace that was completed in 2021, with customers including BDO Services, Moray and Agnew and AFSA.
Marquette teamed up with the Lendlease REP (Real Estate Partners) 4 Fund to secure the property.
Dexus had owned 50% of the property, while the Dexus Wholesale Property Fund (DWPF) owned the remaining 50% interest.
Dexus said the sale would realise net proceeds of $391 million, which would be used to repay debt.
“This divestment enables us to recycle capital into our high returning development pipeline, with our Waterfront Brisbane development expected to commence shortly given leasing momentum,” Dexus Chief Investment Officer Ross Du Vernet said.
“We are excited about the opportunity to focus our leasing, asset management and development efforts on this new development project.”
The sale is expected to settle next month.
Other Brisbane office deals include Forza Capital’s purchase of a B-grade office building in the Brisbane CBD for $41 million last December and Cromwell Property Group’s acquisition of 100 Creek Street in Brisbane’s CBD from ISPT for $184.7 million last October.
Outside of Brisbane, the Straits Trading Company bought two office buildings in Docklands, Melbourne for $150 million last week, while Link REIT entered into a $596 million deal with Oxford Properties to invest in a portfolio of five offices across Sydney and Melbourne.
Earlier this month, AEW sold an A-grade office tower in the Sydney CBD to the Shayher Group for $199 million, as Allianz Real Estate and the National Pension Service of Korea (NPS) bought a 50% stake in Sydney’s Commonwealth Bank Place for about $625 million.
Australia’s office investment market recorded $21.9 billion in transactions in 2021, up 60% on the previous year, according to Real Capital Analytics.
Interested in the office market? Take a look back at Australia’s biggest single office sales in 2021.
