HSBC Trinkaus sells George Street offices for $520 million
Baker McKenzie has assisted HSBC Trinkaus in the sale of a Brisbane office building.
Firm: Baker McKenzie (HSBC Trinkaus)
Deal: Baker McKenzie has assisted HSBC Trinkaus in the sale of 400 George Street, Brisbane to Cromwell Property Group for a total sale price in excess of $520 million.
Value: In excess of $520 million.
Key players: The team was led by head of real estate in Australia David Jones, and supported by senior associate Tatjana Giutronich and special counsel Sarah Merrett.
Deal significance: HSBC Trinkaus sold its 50 per cent interest in the property, which it has held since it originally acquired the site in 2007, working with its then co-owner Grosvenor on the development of the office building.
400 George Street is a 35-level building with a total net lettable area of 43,978 square metres across office, retail and childcare. A 99.8 per cent occupancy rate underpinned blue-chip corporate and state and commonwealth government tenants.
Mr Jones said: “It was a highly complex transaction which yielded a great result and brought an end to 12 years of work supporting our client in managing its ownership of the property.”