Mirvac sells Brisbane and Perth office towers

MinterEllison has advised Mirvac on the off-market sale of two office towers in Brisbane and Perth.

user iconEmma Musgrave 07 November 2022 Big Law
Mirvac sells Brisbane and Perth office towers
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Firm: MinterEllison (Mirvac)

Deal: Mirvac has finalised the sale of two A-grade office complexes in Brisbane and Perth to Marquette Properties and a syndicate comprising Centuria and MA Financial, respectively.

Value: $327.4 million total

Area: Merger and acquisition; property

Key players: The MinterEllison team advising on the Brisbane office tower sale was led by partner Adrian Rich with support from senior associate Erika-Jane Baigent and associate Vada Chant.

The MinterEllison team advising on the Perth office tower sale was led by partner John Prevost with support from senior associates Elisha Bale and Jaime Mitchell and associates Amarah Ingrilli and Amanda King.

Deal significance: The Brisbane office complex, which is located in Southbank, was sold to Marquette Properties for $104.4 million. It is a 12-storey office tower situated amid the suburb’s restaurant and cultural hub.

Meanwhile, the Perth office complex, which is located in the popular St George Terrace, was sold to a syndicate comprising Centuria and MA Financial for $223 million. 

Commenting on the off-market sales, MinterEllison’s Adrian Rich, who is the firm’s national head of real estate, said: “Notwithstanding some current market uncertainty, there remains strong interest from buyers of quality office stock in the major capital cities.

“Mirvac’s office portfolio is highly attractive to syndicates and private investors, who are making commercially savvy decisions to quickly secure off-market what are some long-held and landmark assets in prime locations.

“Fortune favours the brave in the current market, and so we congratulate Mirvac and each of the counterparties on agreeing terms to transact on these assets.”