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Brookfield taps JLL, Cushman for sale of half-stake in A$800M Australian project

Brookfield Property Partners LP appointed JLL and Cushman & Wakefield to oversee its divestment of a 50% stake in an A$800 million office development planned at Elizabeth Quay precinct in Perth, Australia, The Australian reported.

The market-bound 30-story project that will span 52,000 square meters is intended to be the headquarters of Chevron Australia Pty. Ltd., according to the publication.

The Australian arm of the oil and gas company awarded the contract for the development to Brookfield Property in 2018 after it decided to vacate the Investa Property Group and Eureka's QV1 building in the city.

The Canadian commercial real estate company, which eventually won the tender, competed with LendLease Group and GDI Property Group to secure the deal, the March 11 report added.