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Office building bundle breaks $300 million mark

Office building bundle breaks $300 million mark

michael.back

Two firms have completed the sale of a 34-storey building in Sydney's CBD as part of a portfolio of nine properties.

Firms: Herbert Smith Freehills (Propertylink); Johnson Winter and Slattery (Perpetual Trustee Company)

Deal: Propertylink purchased 320 Pitt Street and a portfolio of eight industrial properties in New South Wales, Victoria, Queensland and Western Australia.

Value: $303 million

Area: Property

Key players: The HSF team was led by partners Michael Back, Philip Podzebenko and Phillip McMahon, with support from senior lawyers Leone Costigan, Kate Howson, Jayne Walker and Tamara Saladine.

Deal significance:

320 Pitt Street is a commercial asset in Sydney CBD, which contains a 34 floor office building.

Propertylink bought 320 Pitt Street for $200 million and the industrial portfolio of eight properties for more than $103 million.

Perpetual Trustee Company sold the properties, acting as trustee for RMR Australia Asset Management. The transaction settled on 29 June.

Propertylink has more than $2 billion of assets and projects under management across Australia. This transaction is one of several successful multiple property purchases by Propertylink in the past 12 months.

Like this story? Read more:

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Office building bundle breaks $300 million mark
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