Blackstone JV buys stake in Australian office tower

The Blackstone Group and its partner Ivanhoé Cambridge have reached an agreement to purchase a 25 percent stake in the ANZ Tower in the CBD of Sydney. The seller was LaSalle Investment Management. According to Real Capital Analytics, the transaction has closed with a sales price of approximately $190.4 million.

The total value of the 41-story tower is $761.5 million. The 622,159-square-foot office was completedby Melbourne-based developer Grocon in 2009. ANZ Bank occupies 236,808 square feet of space in the office tower. Other major tenants are the Herbert Smith Freehills and The Boston Consulting Group.

This will be Blackstone’s first core-plus investment in the Asia Pacific region.

The sale of the stake by LaSalle is the first major office tower deal in Sydney to be struck this year without a development angle, according to