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ESR, Goldman Sachs List 50 Ann Street

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Private equity-backed logistics platform ESR is set to tap into Brisbane’s tightening office market with the sale of the State Law Building at 50 Ann Street.

The A-grade, 25-storey tower is expected to sell for as much as $275 million.

ESR acquired 50 Ann Street as part of its takeover of ASX-listed fund manager Propertylink, which bought the tower in a partnership with Goldman Sachs for $145 million in 2017.

Located in Brisbane's legal district among the Supreme and District Courts, the Magistrate's Court, Commonwealth Court and Queensland Police headquarters, the 25,519sq m tower has been home to the state government’s legal services for more than four decades.

In 1995, the high-rise became the first major office tower in Brisbane’s CBD to undergo a complete refurbishment in 1995, and since then has been affectionately known by nicknames including the “Batman building” and “Gotham Tower”.

CBRE’s Bruce Baker and Flint Davidson, along with JLL’s Seb Turnbull and Paul Noonan have been appointed steer the sales campaign for the tower.

The strong tenancy profile and premium location in the city’s CBD is expected to underpin significant buyer interest for the asset, underpinned by Brisbane’s strengthening office market and a lack of national office investment opportunities.

“It’s unusual to find high yielding, core CBD real estate which has government backed income and potential for core plus returns,” CBRE’s Davidson said.

Turnbull said that the State of Queensland’s recent lease renewal highlights their commitment to the strategic location.

“Alternative options for the Department of Justice and Attorney-General to solely occupy more than 25,000sq m are extremely rare, particularly within immediate proximity to Queensland’s Courts precinct, greatly improving the prospects for future long-term occupation,” Turnbull said.

The building is poised to benefit from unprecedented investment in the surrounding area, including the Brisbane Quarter, Cross-River Rail, Brisbane Metro, Queen’s Wharf, 80 Ann Street and Brisbane Live, all located within 500 metres.

Expressions of interest close on March 19.

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Article originally posted at: https://theurbandeveloper.com/articles/buyers-set-to-swoop-on-brisbanes-batman-building