Colliers International's Tim Mutton and Paul Powderly have sold the Louisa Lawson building at 25 Cowlishaw Street, Greenway, Canberra for $224.5 million to FG Asset Management of Korea on Christmas Eve - making it the largest office building sale in 2015.
Given the suburban location of the building the sale sets new benchmarks for the Canberra market. The result is also reflective of global investor demand for new office buildings with high quality lease covenant and tenure.
This sale opened the door to pitching for the Real Estate Management services to Challenger. REM secured the management of the building - their first appointment with Challenger in Canberra.
The Louisa Lawson building is a campus-style A-Grade office building of 26,000 square metres that was purpose designed for the Commonwealth of Australia. It is a 4.5-star NABERS rated building featuring car parks for 500+ vehicles and has special meeting and broadcast facilities, as well as tenant amenities and cafe space. The $100 million project commenced in June 2011 and was completed in 2013.