Baker McKenzie recently acted on the sale of 400 George Street, Brisbane, to Cromwell Property Group for a total sale price in excess of $520 million. The Firm's client, HSBC Trinkaus, sold its 50% interest in the property which it has held since it originally acquired the site in 2007, working with its then Co-Owner Grosvenor on the development of the iconic office building which finished construction in 2009.
Baker McKenzie's head of real estate in Australia, David Jones stated: "It was a highly complex transaction which yielded a great result and brought to an end over 12 years of work supporting our client in managing its ownership of the property."
David worked with Sydney based senior associate, Tatjana Giutronich along with support provided by Brisbane special counsel, Sarah Merrett. The deal required close collaboration between Baker McKenzie and Corrs Chambers Westgarth acting for Blackstone Group who was also disposing of its 50% interest in the property.
400 George Street is a 35-level building with a total net lettable area of 43,978 sqm spread across office, retail and childcare. A 4.9-year WALE and 99.8% occupancy rate are underpinned by blue-chip corporate and state and commonwealth government tenants.
The retail precinct, ‘400Food’, offers fast food, café and fine dining options across the ground floor and podium level. Parking is available for 223 vehicles across four basement levels, alongside an end-of-trip facility which provides showers, lockers and bike racks.
The building’s sustainability credentials are reflected in 5.5 Star NABERS Energy, 4.0 Star NABERS Water and 5.0 Star NABERS Indoor Environment Ratings as well as a 5.0 Star Green Star As-Built Rating.