Heitman acquires well-located Brisbane CBD office asset

Heitman has acquired 288 Edward Street in Brisbane, Australia, on behalf of an affiliate, in a joint venture with Marquette Properties, a Brisbane-based real estate asset manager.

The joint venture will undertake repositioning efforts at the office property, which will include substantial ground-floor and podium work, as well as upgrading the asset’s façade.

The asset is well located in the heart of Brisbane’s central business district and is comprised of more than 18,000 square meters (194,000 square feet) of office space and approximately 1,500 square meters (16,000 square feet) of retail space across two floors with prime frontage on Edward Street.

“We are pleased to add 288 Edward Street to our pan-Asia-Pacific investment portfolio,” said Brad Fu, Heitman senior vice president and director of Asia-Pacific acquisitions. “The asset’s irreplaceable location provides a compelling repositioning opportunity in the core of Brisbane’s CBD, which is be