DWS buys swank Sydney office
Funds managed by Germany’s DWS Group have acquired a stake in an A-grade Sydney CBD office – the transaction valuing the asset at $153 million.
DWS purchased a 49 per cent interest in 32–36 York Street via its Grundbesitz Global real estate fund for about A$75m (€46.1m).
The balance was acquired by a separately managed account backed by a German institutional investor.
Also known as York & Co, the 11 level property contains 8200 square metres, incorporating a c1886 timber-framed warehouse.
The seller was Milligan Group which developed and repositioned the heritage building in 2023.
The revamp added end-of-trip facilities and created ground-floor restaurant, bar and café space.
The asset also secured a five-star NABERS commitment agreement (continues below).
The site spans 860 sqm.
Cushman & Wakefield’s Andy Cox, Tim Molchanoff and George Harb were the agent with Karbon Commercial agents Joshua Watts and Charles Bowmer.
“We have witnessed demand increasingly focus on high-quality, centrally located office buildings with strong sustainability attributes,” DWS head of real estate, Australia, Ben Taylor, said.
The acquisition is the first Asia-Pacific purchase since the executive joined the firm from The Living Company last month and the first new investment by the Grundbesitz Global fund since 2022.
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