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Real Estate - JULY 12, 2019

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Charter Hall partnership purchases Australian telecom headquarters for $830m

by Kali Persall

A partnership comprised of Charter Hall, the Charter Hall Prime Office Fund (CPOF), and the Public Sector Investment Board has purchased the global headquarters of Australian telecommunications and technology company Telstra for $830 million in an off-market deal.

The building is located at 242 Exhibition Street in the Melbourne, Australia, CBD, comprising 47 stories and spanning 65,913 square meters (709,481 square feet) of net lettable area.

Constructed by Telstra in 1992, the property is currently undergoing an extensive building upgrade works program, which includes mechanical upgrades and enhanced end of trip facilities.

Telstra occupies 99.6 percent of the net lettable area, with the lease expiring in 2032 with subsequent options for renewal.

The acquisition will allow CPOF to expand its CBD portfolio in Melbourne.

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