Heitman purchases Brisbane CBD Office

Heitman LLC (Heitman) a global real estate investment management firm, has acquired an Edward Street office building Brisbane.

They made the purchase on behalf of an affiliate, in a joint venture with Marquette Properties (Marquette), a Brisbane-based real estate asset manager.

Comprising 18,000 sqm of office space and 1,500 sqm of retail space across two floors Heitman and Marqueete plan on substantial ground floor and podium work, as well as upgrading the façade.

Situated at 288 Edward Street, it is positioned in the Central Brisbane CBD 

Brad Fu, Heitman Senior Vice President and Director of Asia-Pacific Acquisition “The asset’s irreplaceable location provides a compelling repositioning opportunity in the core of Brisbane’s CBD, which is benefiting from a strong revival in leasing demand, an expanding Queensland economy, and growing international investment interest.” 

Skip Schwartz, Heitman Managing Director and Head of AsiaPacific Private Equity said, “the investments in these Australian assets over the past 12 months provides our Asia-Pacific mandates, both for separate accounts and our dedicated fund, strong diversification across both property type and geography."

Not Heitman's first foray into the Australian or Brisbane market, During the past 12 months, Heitman has acquired more than AUD $700 million across Australia’s Eastern Seaboard. 

Including the Brisbane Barracks, on behalf of an affiliate, in a joint venture with Fortius Funds Management in January this year.

In January this year fully fitted office space was listed for rent at $300/sqm per week.