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Transactions - APRIL 17, 2014

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UPDATED: Blackstone to pay $410m for CBD Sydney office building

by Andrea Waitrovich

The Blackstone Group is contracted to buy a 50 percent partial interest in Westpac Place, an office building in Sydney’s CBD, for approximately $410 million. CBRE and JLL are representing the seller, Mirvac Funds Management in the $815 million Sydney landmark. 

The tower serves as Westpac’s Sydney headquarters.

Leighton Contractors was the developer of the A$750 million ($700 million) development project. When Westpac Place was completed in 2006, it was the second largest commercial office building in the Sydney CBD. Occupying a whole block, the property includes 32 levels of commercial office, two retail levels, an urban public park and a six-level parking garage.

Mirvac acquired the asset in July 2010 when it purchased a

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