Macquarie Park's Glasshouse office development sold

The Glasshouse building, at John Holland's Macquarie Square development, has been sold.

The building comprises of 38,500 square metres of internal floorspace, and was sold to investment company Charter Hall for approximately $332 million.

The sale price, and 5 per cent cap rate, represent a record for John Holland and is one of the largest ever sales in Macquarie Park.

CEO Joe Barr said, “Macquarie Park is Sydney’s emerging new CBD. With the Glasshouse, it will get its first CBD-quality office building, with a 7,000sqm public park at its heart."

Executive General Manager Development & Investments Tom Roche said, “this is an incredible result, adding to our strong pipeline of commercial and mixed-use developments. With more than 80 per cent of the Glasshouse leased already, this is clearly a market that will continue to grow,” Mr Roche said.

The Glasshouse is part of John Holland’s Macquarie Square development, a 117,017 square metre site made up of five buildings and a 7,000 square metre public park.

John Holland will complete the building in early 2020, with Transport for NSW as its anchor tenant. John Holland will remain part of the Macquarie Square community through its ongoing development and precinct management roles.

Macquarie Square is a two-minute walk to the John Holland-built Sydney Metro Macquarie Park station.