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State government green lights Macquarie's A$3B Sydney precinct project

Macquarie Group Ltd. secured approval from the New South Wales government for its plan to transform the north and south sites of the Martin Place precinct in Sydney into two office buildings, The Australian reported.

According to the publication, the state government green-lit the Martin Place project despite objections from the city of Sydney's local government, the Australian Institute of Architects and listed developers Dexus and GPT Group.

The project, which will mark the investment bank's return to real estate, will see the development of a 135-meter, 28-story building on the precinct's south site and a 193-meter, 40-story structure on the north site. The north site tower, according to an earlier report, will be integrated into Macquarie's headquarters at 50 Martin Place. In total, the whole Martin Place development will feature 250,000 square meters of commercial space, according to the report.

Combined, the two buildings will have a gross floor area of 125,437 square meters. Macquarie intends to anchor the development, which is expected to be worth roughly A$3 billion upon completion, the publication said.