Prudential Real Estate, provider of listings of residential, resort, and commercial property in the US, Canada, Australia, and New Zealand, will be acquiring majority of an office building’s assets, according to company information. Located in Melbourne, Australia’s busy business district, the office building is a Grade AA office complex, which consists of two interconnecting office towers.
In Austin, Texas, another Class A office Building was recently acquired by two real estate company — in a business partnership. The San Antonoi-based USAA Real Estate Company and Crimson Real Estate Fund recently acquired the office property from Wells Fargo Bank.
The ownership stakes office building In Melbouner, on the other hand, will be acquired through Prudential Real Estate’s Singapore-based Pramerica Real Estate Investors from Investa Property Group, the office building’s owner.
As a result of still-being-a-part owner of the office building, according to the report, Invista will continue to manage the 100 percent leased office property — as the property manager.
According to the chief operating officer of PREI-Asia, Broderick Storie, Melbourne’s current office market is attractive to commercial investors because of rising rents and falling vacancy rates.
The office building’s ideal location is one of the main factors of the Prudential’s acquisition in behalf of their investors, said Storie.
Invista, the 17-storey 342, 055 square feet office building, consists of two office towers, 145 basement parking area, and about three ground floor retail spaces for tenants. It sat on the south area of Collins Street between Spencer Street and King Street, which is accessible by the public transport including buses, trams, and train terminals. The office building was built in 1984 and underwent a major redevelopment in 2007.