A joint venture between an affiliate of Starwood Capital Group and Arrow Capital Partners has acquired the Zenith office complex on the north shore of Sydney.
The sellers were BlackRock and Centuria Property Funds.
Terms of the transaction were not disclosed; however, it is estimated to be A$440 million ($309 million).
“Starwood Capital Group is pleased to continue its targeted investment strategy in Australia, an economy we believe is underpinned by strong fundamentals that drive further strength in the Greater Sydney office market,” said James Fogarty, vice president of Starwood Capital Group. “We like the North Shore office market, and Chatswood in particular, given the limited supply, robust demand and transformative infrastructure improvements that are underway. The Zenith is a landmark within the Chatswood market and has strong appeal to tenants across a range of sectors and provides high-quality space to users at a competitive price point.”
