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Sydney office building sells for A$265M

Private real estate group Markham sold a 16-level, 16,520-square-meter office building at 179 Elizabeth St. in Sydney to an undisclosed private Macau company for A$265 million, The Australian Financial Review reported.

Markham was earlier said to be expecting to sell the property for A$250 million. The property is almost 100% occupied, with an average lease expiry of 3.9 years, according to the report.

The publication noted that Markham acquired the property from the LaSalle Asia Opportunity Fund III two years ago for A$148.8 million.

Savills and Colliers International were the brokers for the latest deal, the report added.