The transaction is the latest evidence of the company’s efforts to trade out of lower-quality office assets and focus on new, premium ones.
The two owners will share the leasing risk of the 55 Pitt Street tower, while Mirvac will develop and construct the building, and provide leasing, investment and property management services for the asset on completion.ShoP Architects/Woods Bagot
The company also confirmed on Friday the sale of its 34-storey 367 Collins Street office tower in Melbourne, with settlement expected in July 2024. Mirvac did not confirm the buyer, which theAdvertisement Mirvac is also set to sell the 11-storey A-grade office tower at 40 Miller Street in North Sydney to US global investment manager Barings for about $145 million – a near-14 per cent discount to its current book value of $168.3 million and a 24.9 per cent discount from its peak book value of $193 million in December 2022.
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