The ASX-listed landlord is selling 1 Margaret Street and 44 Market Street in two sale processes that are expected to test unlisted office asset valuations.
Dexus has hung up the for-sale sign at its Sydney CBD office towers at 1 Margaret Street and 44 Market Street in separate sale processes that are expected to test1 Margaret Street, Sydney, was built in 1984 and has been refurbished four times since, most recently in 2019.The 18-storey tower on Margaret Street has been put on the auction block for the first time in 25 years via Colliers and CBRE.
Metrics shared with real estate bankers likely to drum up potential bidders said the building was at 99 per cent occupancy, with $20.4 million net passing income and a weighted average lease expiry of 2.1 years. The low WALE and concentration among big tenants was something that suitors would no doubt be interested to hear about.
At 44 Market Street, Knight Frank and JLL are working to the same timeline. The 26-level tower, whose tenants include the Australian Bureau of Statistics, was being pitched with an 85.4 per cent occupancy and 2.7-year WALE. It had higher net passing income than its Barangaroo-end counterpart at $24.3 million. Sources said it had attracted interest from Singapore-based investors.The two Dexus buildings are joined by Blackstone’s 85 Castlereagh Street, known to bankers as the JPMorgan Tower.
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