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Cromwell Property agrees to sale of office building for A$84M

Cromwell Property Group signed an unconditional agreement for the A$84 million sale of its grade A, seven-story office tower in Brisbane, Australia, to the property's anchor tenant, Queensland University of Technology.

Aside from the office space on the six floors, 88 Musk Ave. also features ground floor retail and 217 basement carpark spaces. The buyer, along with Boral Resources and three ground floor retail tenants, occupy the property's 14,144-square-meter net lettable area.

Settlement of the sale is expected to occur April 6.

Cromwell acquired the site, which is in the center of Kelvin Grove's Urban Village, through a fund in June 2007, according to a release.