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Iconic building sale eclipses all single-office deals since 2014
The multi-million-dollar sale of an iconic waterfront building on Sydney's King Street Wharf is the city's biggest single-office property deal since 2014.
Melissa Coade
Firms: MinterEllison (Brookfield Office Properties); Allens (Charter Hall)
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Deal: Brookfield has sold the King Street Wharf waterfront property of 1 Shelley Street in Sydney to Charter Hall.
Value: $525 million
Area: Commercial property
Key players: MinterEllison special counsel Kiri Purdy (pictured) led the team advising Brookfield in the property sale, with real estate partner Virginia Briggs and lawyer Loren Blumgart assisting.
Deal significance: Brookfield has sold the King Street Wharf precinct that houses the Macquarie Group headquarters for $525 million, making it Sydney’s largest single office property deal in the past two years.
The property is an A-grade commercial office building with nine levels of office accommodation plus rooftop terrace, ground floor with retail, commercial lobby and basement parking. Macquarie’s current contract lease of 100 per cent of the 1 Shelley Street precinct runs to 2024.
The purchase was a joint venture between Charter Hall Core Plus Office and the pan-Asian fund of Morgan Stanley Real Estate Investing.
MinterEllison is a longstanding legal adviser for Brookfield, describing its involvement in the latest transaction as "a culmination of the firm’s involvement in the lifecycle [of the] iconic building".
Senior counsel Kiri Purdy, who led the team advising Brookfield, said the sale was "an exciting transaction to be a part of".
"We acted on the initial acquisition, construction and leasing of the site. Our continued involvement with the site is a testament to our strong relationship with long-standing client Brookfield," Ms Purdy said.
