Transactions - OCTOBER 30, 2014

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TH Real Estate makes second Australian investment

by Andrea Waitrovich

After making its entrance into Australian market, TIAA Henderson Real Estate has made a second investment in the Australian market, acquiring an office and retail property.

On behalf of TIAA-CREF, TH Real Estate has agreed to acquire a 50 percent interest in the office building located at 101 Miller St. in North Sydney, Australia. The remaining stake will be owned and operated by the Mirvac Group. The purchase includes the connecting Greenwood Plaza retail complex. The purchase price is in excess of A$300 million ($264 million).

Greenwood Plaza and 101 Miller St. are strategically located in the heart of the North Sydney CBD. The 27-story office tower has approximately 404,174 square feet of leasable space. It is 99 percent occupied. Major tenants include AGL, Genworth and both state and federal government departments. Greenwood Plaza has 94,475 square feet of leasable retail and food space spanning three levels. It is 100 percent occupied.

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