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Sign in Sign up for a FREE subscriptionDexus sells Sydney CBD class A office building
Dexus has exchanged contracts to sell a class-A office building at 44 Market St. in Sydney.
The buyer was not disclosed, but it is reported to be Pacific Alliance Group.
The sale will realize proceeds of A$393.1 million ($265.6 million) reflecting a 17.2 percent discount to the December 2022 independent valuation.
The sale is subject to FIRB approval and is otherwise unconditional. Settlement is expected in late July.
Developed in 1978 and renovated four years ago, 44 Market St. totals 39,694 square meters (427,263 square feet) of space. About 85 percent is occupied with tenants that include the Australian Bureau of Statistics, Commonwealth Bank of Australia, Slater and Gordon and Westpac.
