Blackstone, Investa trading stake in $1.85b office
Blackstone is reportedly selling its stake in Sydney’s landmark Grosvenor Place.
The speculated potential $1.35 billion deal, with Oxford Properties-backed Investa, is in its early stage.
The seller acquired its interest in two deals four years ago, post the COVID lockdown, as many workplaces adopted hybrid working modes, and office vacancy rates began to soar.
The first 50 per cent, worth $925m, was bought from Dexus and the Canada Pension Plan Investment Board, after a deal China Investment Corporation fell through.
The other 25pc was purchased from CIC.
Commonwealth Superannuation Corporation holds the balance (story continues below).
Another major Sydney CBD office sale
If the deal proceeds, it is understood Investa will set up a consortium of investors for the Grosvenor Place stake; the parties declined to comment.
Developed in 1987, the 44 level, 84,000 square metre Harry Seidler designed office at 225 George Street may then be further refurbished; the landlords have modernised it since anchor Deloitte quit for Quay Quarter Tower in early 2022.
The deal comes a week since we reported MEC Global Partners Asia was seeking to acquire a 10pc interest in Salesforce Tower – Sydney CBD’s tallest office. That seller is Mitsubishi Real Estate which offered a 30pc stake last year. CBRE is believed to be the marketing agency.
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