Fortius, PGIM buy Brisbane office

LaSalle Investment Management paid $142.15m for 307 Queen Street in 2017.

LaSalle Investment Management is selling a Brisbane CBD office for $214 million.

The Chicago group spent $142.15m on 307 Queen Street in 2017.

A year later, it paid Bloomberg Incorporation Limited $52.25m for a neighbouring seven storey building; developed in 1928, this asset, 293 Queen St, is anchored by the University of Queensland.

The former Flight Centre headquarters sold for $117.5m last week.

The two deals gave LaSalle a c2500 sqm land holding at the corner of Creek St, also with frontage to Edison Lane.

The 307 Queen St office is being purchased by Fortius and PGIM Real Estate.

Over 25 floors, it contains 9617 sqm of area.

About 1500 sqm, representing 16 per cent, is for lease.

String of Brisbane CBD deals

Earlier this month, Cromwell spent $117.5m on the former Flight Centre headquarters at 545 Queen St.

That vendor, Axis Capital, paid GPT $70m in 2017 before undertaking a major renovation (story continues below).

In March, 10 Eagle Street sold for $285m – the biggest Brisbane CBD office deal so far this year.

The new owner intends to hold the 10-level property in its Direct Property Fund.

Five weeks ago – Canada Pension Plan Investment Board and Dexus sold Marquette Properties 10 Eagle St for $285m.

In March AsheMorgan spent $210m on 310 Ann St – a deal which reflected a 5.5pc yield.

This 20-storey building, formerly Suncorp’s headquarters, was sold by the Pidgeon family after nine years, an extension and renovation.

Seven months ago, Forza Capital paid $86.8m for 340 Adelaide St, a 17-level, B-grade office which vendor Mirvac held since 2009.

Not long earlier the Deague family sold the Fantauzzo Brisbane Art Series Hotel at 5 Boundary St to Ghassan Aboud for c$75m.

The venue, with 166-suites, sits beneath and beside the Story Bridge.

It is expected to be rebranded shortly.

Forza and Deague are Melbourne based.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of