The transaction is the latest in a sequence of major office tower deals sending a clear signal of a reset in values across the commercial property sector.
– which have sold at substantial discounts to book values, sending a clear signal for a reset in values across the commercial property sector.reflecting an 8.8 per cent decline. Soaring interest rates have caused a rethink on valuations, especially in the office sector, where demand is weaker and the work from home trend is changing workplace use.
Led by executive chairman Shane Quinn, Quintessential plans to invest another $90 million into the building, creating a 10,000 square metre podium. The building stands between Wynyard Station to the east and the Barangaroo precinct to the west and is above the city’s main underground pedestrian connection from the Barangaroo Wharf to Pitt Street.
The sale was negotiated by CBRE’s Flint Davidson, James Parry, Andrew Hunter and Michael Andrews, and Colliers’ Adam Woodward and James Mitchell.
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