MinterEllison advised Mirvac on the off-market sale of the 12-storey office tower at 189 Grey Street, Brisbane to property management group Marquette Properties for $104.4 million. 189 Grey Street is an A-grade office complex and is positioned amidst the restaurant and cultural hub in South Bank, Brisbane.
The transaction was led by MinterEllison partner, Adrian Rich. This is the second Brisbane office tower sale that Mirvac has turned to Adrian Rich and the MinterEllison team to lead and advise. The other transaction was the 17-storey building at 340 Adelaide Street which was sold for $86.75 million in 2020.
Mr Rich was supported by others at MinterEllison including Erika-Jane Baigent (Senior Associate) and Vada Chant (Associate).
And in the West, MinterEllison has negotiated the sale of Allendale Square at 77 St Georges Terrace Perth for $223million to a syndicate comprised of Centuria and MA Financial. This is another A-grade office tower, prominently positioned in the heart of Perth's CBD. This sale was led by MinterEllison Partner John Prevost, and supported by Elisha Bale (Senior Associate), Jaime Mitchell (Senior Associate), Amarah Ingrilli (Associate) and Amanda King (Associate).
Adrian Rich who is MinterEllison's national head of Real Estate commented: "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."
MinterEllison has been involved in other market-leading transactions including: Salter Brothers purchase of Travelodge portfolio for $620 million and Qantas sale and leaseback of a 13.8 hectare site near Sydney's Kingsford Smith Airport for $802 million.
