Australia’s global and construction giant Lendlease has listed its Darling Square wood-wrapped building with hopes of realising $70 million for the sale.
The seven-storey Exchange building sits amid the multi-billion transformation of Sydney's Darling harbour.
The building designed by Japanese firm Kengo Kuma will complete the wider precinct that will offer a mix of community and retail features, including 1500 residential units, 1300 student accommodation and a 590 room Sofitel hotel.
The ASX-listed company said the divestment is in line with its strategy to "leverage its integrated property capabilities to deliver high quality urban regeneration projects".
Lendlease currently has a global project pipeline of $71.1 billion in the works across the USA, Asia, Europe and Australia.
The Darling Square building, featuring offset circular floor plates and a facade wrapped in almost 20 kilometres of sustainably sourced timber, will also offer 26,000sq m of commercial office space and 12000sq m of retail.
The site is set within the NSW government's $3.4 billion transformation of Darling harbour.
“Urban regeneration projects like Darling Square are key to relieving some of the pressure on our cities by creating new and thriving neighbourhoods,” Lendlease’s John Burton said.
Tenants of the building include the new City of Sydney library, set to open next year and CBA.
CBRE has been appointed to broker the deal.
“With a range of key tenants already in place, The Exchange is set to become an important part of the city’s fabric, bringing food, learning and community together in a unique architectural form,” CBRE director James Parry said.