MELBOURNE, Australia--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) represented German investor Deka Immobilien in the acquisition of a 22-level Class A office tower at 452 Flinders Street, Melbourne, from the Dexus Wholesale Property Fund for US$320 million.
Cushman & Wakefield’s Luke Etherington, Sunal Patel and Sarah Baker managed the off-market campaign on behalf of Deka Immobilien, with client support provided by Richard Butler and Mark Hansen. The sale is expected to settle in mid-November 2020, pending approval from Australia’s Foreign Investment Review Board (FIRB).
452 Flinders Street was sold fully occupied with a tenant mix comprising exclusively government, national and international corporations. This included recently signed leasing agreements with tenants including V-line and Jacobs Group.
The 409,000-square-foot commercial office tower located in Melbourne’s CBD has large approximately 29,000-square-foot plates with views across the Yarra River. The building includes 17 levels of Class A office space, a three-level basement car park, ground floor retail, mezzanine-level office, auditorium and end-of-trip facilities.
The property was acquired in 2011 by the Dexus Wholesale Property Fund and was subject to significant upgrade works including to the sky garden, lobby and extensive plant & equipment upgrades.
“The landmark acquisition of 452 Flinders Street is one of only a few major Australian office deals to have transacted this year and was completed while Melbourne remained in hard lockdown. This is an outstanding result given the unique challenges surrounding COVID-19,” said Etherington, Cushman & Wakefield’s Head of Capital Markets, Victoria. “The competitive off-market sales process also saw multiple potential purchasers vie for the property. This, combined with Deka Immobilien’s unwavering interest in the asset through the pandemic, sends a clear signal that confidence in the outlook for Melbourne’s commercial office market remains strong.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.