ARA Asset Management and QuadReal Property Group have acquired 200 Victoria Parade in East Melbourne, Australia.
Adjacent to the city’s Government Precinct, this new class A office project will welcome its first tenants in the third quarter 2022.
ARA and QuadReal have formed a programmatic joint venture to acquire and manage investments in office and logistics in Sydney and Melbourne. Investing in Melbourne is attractive now as it is expected to surpass Sydney as Australia’s largest city by 2026.
200 Victoria Parade totals 283,000 square feet and offers 27,000-square-foot floorplates. These floor plans are especially designed for government and corporate tenants with large space requirements. The team is targeting 5.5 Star NABERS Rating and a 5 Green Star rating under the certification of the Green Building Council of Australia.
“Melbourne is a key focal point of our global cities strategy,” said Peter Kim, managing director of Asia for QuadReal.
