To Brisbane this week where 288 Edward Street has sold for the first time in 25 years. The property was sold by Quadra Pacific (Aust) Corp, a wholly owned subsidiary of Canadian company, Quadra Pacific Properties Corporation. Quadra Pacific is a family-owned and operated company specialising in managing commercial buildings in Australia and Canada.
The purchasers are Marquette Properties, a specialist property investment manager, in a joint venture with Heitman LLC, who made the purchase on behalf of an affiliate. Heitman, a global real estate investment management firm, currently has $41.7 billion in assets under management. Marquette paid $113.415 million on a yield of 8.2%. The building was 59% occupied when it was contracted and 88% leased by exchange.
288 Edward Street is a 28-storey, 19,935 sqm office building which was built in 1974. Major tenants include Logan Law, Concentrix and Cliftons. The building has under gone several refurbishments over the years and according to Marquette the new owners are planning a refurbishment ‘to improve performance, functionality and appearance whilst also adding new income streams’.
The building last traded at $27 million in 1993.