Colonial First State to Reap $59 Million From 215 Spring Street Sale

The fully-leased building is one of several investment grade CBD assets in CFS’s PIF1 portfolio, and was valued at $69 million in December 2008.
 
For years the Spring Street building was one of two CBD “depots” for a distinctive green shuttle bus, which PWC operated daily to transport workers between 215 Spring Street and a second CBD office it occupied at the ritzy 333 Collins Street.
 
This ended in 2005 when PWC merged its staff to a prominent new building at 2 Southbank Boulevard in Southbank, where it also leases naming rights.
 
A CFS representative declined to comment on a deal at 215 Spring Street when contacted by The Age, as did Colliers International selling agents John Marasco and Nick Rathgeber.

The Knowles Group owns nursing homes and various smaller commercial assets. A couple of years ago it sold a retirement portfolio to Sydney-based fund manager Stockland.

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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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