Fortius, PGIM JV acquires Brisbane CBD office

Fortius Funds Management, in partnership with PGIM Real Estate, has acquired 307 Queen St. in the CBD of Brisbane, Australia, off-market for A$214.48 million ($158 million).

The class A office building holds a prominent position within the Golden Triangle of Brisbane’s financial precinct. With 19,617 square meters (211,155 square feet) of leasable space spanning over 25 levels, the high-quality asset is more than 93 percent occupied, having attracted and retained an array of tenants including Heritage Bank and Bank of China.

Sam Sproats, Fortius chief executive, said the transaction represented an attractive opportunity to acquire a high-quality, centrally located office building while also being an integral part of the city's thriving CBD.

“As we continue to navigate the pandemic, there is an opportunity to capitalize on the dislocated office sector and find value. As workers return to the office and cities are revitalized, we are seeing interest from domes