CBRE Global confirm take out of 118 Mount Street

CBRE Global Investors have confirmed speculation that they are acquiring the Zurich Insurance building at 118 Mount Street North Sydney for $350m.

The agreement is based on a land acquisition and fund through arrangement of the 21,000sqm building which is expected to be finished with builder Roberts Pizzarotti in late 2020. Zurich will occupy 68% of the completed asset on a 10 year lease back arrangement.

The A-grade building will target a five-star, Green Star and five-star ­NABERS Energy ratings and will feature a two-level podium with cafe, a sky terrace, three basement car-­parking levels and end-of-trip ­facilities.

CBRE Global investors will manage the investment on behalf of a German pension fund.

The deal was brokered by Cushman & Wakefield.

The deal comes after a flurry of activity in North Sydney this year including 118 Walker Street acquisition last week by Stockland, the sale of 107 Mount Street for $115m, the half stake of 100 Miller Street for $300m and the Lend Lease acquisition of the North Sydney Metro station development site.

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