The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
16
print
Print
OfficeTaryn ParisTue 06 Apr 21

Marquette Splashes $285m on Brisbane’s Gold Tower

60512afd-7c35-4c14-8856-feab7f818b5f

Marquette Properties has splashed out $285 million to secure 10 Eagle Street in Brisbane's so-called “Golden Triangle”.

Marquette managing director Toby Lewis said the gold tower was one of the top 10 buildings in the CBD with an “excellent leasing history” and they had been anticipating its entry to the market.

“I think it’s an irreplaceable asset in Brisbane’s CBD,” Lewis said.

“We are Brisbane-based and focused. Brisbane City is our favourite place to invest and grow and help shape the city. We have three CBD assets … we have about $550m exposure to Brisbane City.”

Lewis said the office market had been robust through the pandemic.

He said he was confident it would continue to grow during the next two years, helped by the investment in Cross River Rail and the city’s bid to host the 2032 Olympic Games.

“Despite the ongoing long-term uncertainty associated with the Covid-19 pandemic, we have enabled more than 150 Australian families to invest in 10 Eagle Street and look forward to delivering strong returns as Brisbane continues to grow as a city and as a city to invest in,” Wilson said.

Dexus sold the asset from its Dexus Office Partnership portfolio and net sale proceeds would be used to pay down debt, chief investment officer Ross Du Vernet said.

“This transaction continues our asset recycling strategy, realising value for both Dexus and our Dexus Office Parner while reducing our exposure to the Brisbane market,” Du Vernet said.

“It also provides us with an excellent opportunity to focus our leasing, asset management and development capabilities on advancing our city-shaping development project at Waterfront Brisbane.”

The golden tower at 10 Eagle St was built in 1978. The 34-storey building has 27,8000sq m of office space in Brisbane’s golden triangle, bordered by Eagle, Queen and Edwards streets. It was the city's tallest building at the time of completion.

The sale is expected to settle next month. The building is 92 per cent occupied with a weighted average leasing expiry (WALE) of 2.9 years with key customers including AEMO, Wilson Parking and Accenture.

OfficeAustraliaBrisbaneReal EstateSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
Income growth and price dips have done little to improve the situation, according to fresh data from the Urban Land Inst…
LATEST
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/marquette-10-eagle-st-gold-tower-dexus