Marpop Real Estate Partners has sold a North Sydney based building for $81 million in an off market deal.

Marprop Real Estate Partners has sold their 2 Elizabeth Plaza building at North Sydney for $81 million. Marprop is a leading Sydney based real estate firm founded in 2007 by James Marshall of Bellevue Hill. The company invests, develops and advises on investment property.

The purchaser was BlackRock Investment Management (Australia), an Australian subsidiary of BlackRock Inc. BlackRock Inc. is a US-based global investment management company whose portfolios are now valued over US$4.5 trillion. The company was formed in 1988 by Laurence D. Fink.

Although an off market deal, Bevan Kenny of CI Australia arranged the transaction.

According to North Sydney Cityscope, 2 Elizabeth Plaza is a 14-storey building completed in 1990; it retains a two-storey 1870 sandstone facade to Mount Street. The building, which has a net lettable area of 7,713 sqm, comprises 12 levels of office space, ground and mezzanine level retail space and four basement levels of parking for 157 vehicles. Major tenants include CI Australia, Bannermans Lawyers and Kathy Jones and Associates.

The building last traded at $45.6 million in early 2015. This sale at $81 million most likely included a premium for being off market, as well as being the result of the vendor’s work to lift the building’s tenancy to 98%. It transacted at an initial yield of 6.2%.