Peakstone awards 100,000 sqm Australian office management contract

Singapore’s Peakstone has awarded a major commercial management contract to CBRE.

The agreement covers 100,000 square metres across six buildings including 45 Clarence Street in Sydney (pictured), which the landlord only agreed to buy from Dexus in June for $530m.

Neighbouring 55 Clarence St forms part of the portfolio too – as does the 637 Flinders St development set to replace the former Victoria Police Centre, in Melbourne, with an area up to c25,700 sqm.

In Perth, the partnership includes 55 and 182 St Georges Terrace and Westralia Plaza (story continues below).

CBRE senior director, property management, James King, said the agency has been managing the latter at 167 St Georges Tce since 2016.

“We look forward to partnering with Peakstone on value-add strategies to further optimise the performance of its Australian portfolio,” the executive added.

Peakstone acquired Sydney’s 45 Clarence Street in June for $530 million.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco