456 Lonsdale Street Close to Sale

Maurice Blackburn House, a 13-level, B-grade building at 456 Lonsdale Street, is understood to be in exclusive negotiations with a private investor, sources say.

The building, owned by the Macquarie since 2002, was not formally put on the market.

One source told Capital Gain, demand from private investors for CBD offices is much stronger in the sub $30 million range, than it is around the $50 million range.

This might explain why Macquarie has had trouble offloading its more expensive city office assets, including 303 Collins Street and 8 Nicholson Street.

A Macquarie spokeswoman told Capital Gain the company is “selectively marketing assets with a view to strengthening the balance sheet.”

She wouldn’t confirm or deny speculation 456 Lonsdale Street is one of the buildings in the mix to go.

Macquarie paid $21.75 million for 456 Lonsdale Street in January 2002. The company last valued the property in December 2008 at $30 million.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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