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Lendlease unit's JV buys A$550M Two Melbourne Quarter office project

An investment unit of diversified real estate manager and developer Lendlease Corp. Ltd. has partnered with Australia's largest superannuation fund to purchase the A$550 million Two Melbourne Quarter office tower development in Victoria, The Australian Financial Review reported.

The 25-story tower, which was approved for construction in 2017, will be split 50/50 between Lendlease's Australian Prime Property Fund Commercial and the First State Super fund. Work on the building is scheduled to begin in March, and electricity and gas provider EnergyAustralia has been secured as its anchor tenant across 10.5 floors.

The 50,000-square-meter asset is part of Lendlease's A$2.5 billion Melbourne Quarter urban regeneration project based on a 2.5-hectare site in Dockland's Batmans Hill precinct. The project includes three residential towers comprising nearly 1,700 apartments, the March 21 report noted.

The One Melbourne Quarter, the first building in the project, was purchased by Lendlease's investment unit in November 2016 for A$250 million, AFR added.