ESR, Quintessential trade Brisbane office
ESR is crystallising a loss on the sale of a Brisbane office seized through its 2019 takeover of ARA Asset Management.
The Midtown precinct building, 133 Mary Street (pictured, top), cost $96.6 million in that year.
A major refurbishment was then undertaken of the foyer, retail and end of trip facilities.
The asset contains 13,006 square metres of A-grade space over 15 floors.
There is also a basement car park.
Following an off-market campaign, it is selling, for $81.8m.
The buyer is Melbourne-based asset manager Quintessential for a single asset fund now calling on investors.
Quintessential doubles down in Brisbane
Singapore based ARA was backed by US headquartered Warburg Pincus and Hong Kong magnate Li Ka-shing for the Mary St purchase (continues below).
That vendor, Canadian family owned Quadria Pacific, paid $10.3m in 1993.
The site spreads 2867 sqm.
The on sale comes nine months since we reported Quintessential outlaid $174.5m for the Green Square North office at 515 St Paul’s Terrace, Fortitude Valley.
That seller was ISPT – nowadays part of the IFM Investors platform – on behalf of the Core Fund.
CBRE’s Peter Chapple and Bruce Baker with JLL’s Seb Turnbull and Paul Noonan were the agents.
Like 133 Mary St, it was bought for a single asset fund.
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