NTT buys balance of Brisbane CBD office, car park
NTT Corporation has bought the half stake it didn’t control of a Brisbane CBD office and car park.
The Japanese buyer, also known as Nippon Telegraph & Telephone Corporation, is paying JP Morgan Asset Management about $110 million – a circa eight per cent net market yield – for 53 Albert Street, after exercising its buy-out right.
On the corner of Margaret St, the 21 storey tower was quietly touted to other suitors last year.
CBRE agents Peter Chapple and Bruce Baker declined to comment.
NTT outlaid $142.5m for the balance – again from JP Morgan – in late 2022.
Another half stake sale
Developed in 2009, with 18,694 square metres over 13 floors, the state government occupies 53 Albert St until 2028 (story continues below).
There is also an eight level, 531-bay car park leased to First Parking until 2030.
The site spreads 2322 sqm.
The deal comes a week since we reported AsheMorgan bought the 50pc interest it didn’t control in Sydney’s 309 Kent Street office – for c$290m.
By comparison the group outlaid $401m for the first half in mid-2022.
JP Morgan paid Challenger $250m for 53 Albert St in 2019.
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