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Firms aim high on office tower sale

Firms aim high on office tower sale

Andrew Steele

Henry Davis York and HWL Ebsworth were involved in the multimillion-dollar sale of an office building in St Leonards.

Firms: Henry Davis York (Challenger), HWL Ebsworth (Abacus Property Group and Goldman Sachs)

Deal: Challenger sold the building at 201 Pacific Highway to Abacus Property Group and Goldman Sachs

Value: $115 million

Area: Property

Key players: The HDY team was led by property partner Andrew Steele (pictured) and included property senior associate Penny Dixon and property lawyers Liz Boden, James Hill and Alastair Stephens. Tax advice was provided by partner Greg Reinhardt and special counsel Seema Mishra.

Deal significance:

The multimillion-dollar sale was a landmark for the Forum Cisco mixed-use development.

Challenger remains the owner of the adjoining tower at 203 Pacific Highway.

HDY partner Andrew Steele said both parties benefited from the deal.

“One of the interesting aspects of this transaction was advancing the best interests of Challenger, as the seller, while at the same time acknowledging the ongoing relationship between the seller and buyer as continuing owners in the wider Forum development,” Mr Steele said.

 

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Firms aim high on office tower sale
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