Quadra Pacific Sell 133 Mary Street Brisbane
ARA Asset Management Limited announced that it has acquired 133 Mary Street located in the Midtown precinct of Brisbane, via one of its private real estate funds at a price believed to be around $85m.
The 15 level, 12,903 sqm B Grade asset was recently refurbished with ground floor external treatments, a new foyer and end of trip facilities.
Assistant Group CEO and CEO of ARA Private Funds, Mr Ng Beng Tiong, said: “The successful acquisition of 133 Mary Street allows us to showcase our proven track record in repositioning and transforming assets. ARA has a strong investor-operator track record, and we look forward to enhancing this asset by developing a new commercial tower to significantly increase its net lettable area and capitalise on positive rental reversions in the Brisbane office sector.”
The vendor, Quadra Pacific, sold both its Brisbane assets at 133 Mary Street and 288 Edward Street in separate deals with Heitman & Marquette Properties announcing earlier in March the acquisition of 288 Edwards Street for $115m.
The transaction was brokered by JLL.