Cromwell Property Group entered into an agreement with Blackstone Group Inc. and HSBC Trinkaus & Burkhardt AG to acquire an office-led commercial building at 400 George St. in Brisbane, Australia for A$524.8 million.
Settlement of the transaction, which is subject to approval from Australia's Foreign Investment Review Board, is expected in September, according to an Aug. 22 release.
In June, The Australian reported that the Australia-listed property group was negotiating the agreement after it edged out Suntec Real Estate Investment Trust in the race for the 35-level property, which the joint venture marketed with the help of JLL and CBRE Group Inc.
The building has a total net lettable area of 43,978 square meters, a 4.9-year weighted average lease expiry and includes parking spaces for 223 vehicles. It is 99.8%-leased to tenants including Microsoft Corp., Cooper Grace Ward Lawyers and government agencies such as the Australian Competition and Consumer Commission, Department of Human Services and the state of Queensland's Department of Environment and Science.
