PGIM Real Estate adds another Queen Street tower in Brisbane’s CBD

PGIM Real Estate has acquired 444 Queen Street, Brisbane, from vendors Abacus Property Group and The Public Trustee of Queensland for $54.4 million.

The 22-level, 13,967-square-meter (tk-square-foot) office building, located within the “Golden Triangle,” occupies a 1,708-square-meter site, presenting 31 meters (tk feet) of frontage to Queen Street and 72 parking spaces.

This is the second transaction in Queen Street by PGIM Real Estate in recent months, having recently partnered with Fortius Funds Management in the acquisition of 307 Queen Street for $214 million. PGIM Real Estate also has a stake in 130 Queen Street, alongside Marquette Properties.

Steve Bulloch, managing director and head of Australia at PGIM Real Estate, said, “We are confident in Brisbane’s longer-term fundamentals, driven by strong interstate migration, continued infrastructure spend and increasing offshore investor interest, particularly with the city recently announced to host the