This article is from the Australian Property Journal archive
LAW firm Allens Arthur Robinson has advised on its first significant transaction for LaSalle Investment Management.
LaSalle Investment Management has bought a 25% interest in the 42-storey premium-grade office tower development proposed for 163 Castlereagh St, Sydney.
The development to be developed and built by Grocon Developments, will ultimately be owned by a LaSalle/Grocon entity (25% each) and GPT Wholesale Office Fund (50%).
The Allens team was led by real estate partner Mark Stubbings, and included lawyers from the real estate group, the funds management group (led by Victoria Poole), the construction group (with Leighton O’Brien) and the banking & finance group (Alan Maxton), along with tax partner Adrian Chek.
Stubbings said this transaction comes at a time when the major players in the real estate industry are again starting to invest and develop in the Sydney office market following the Global Financial Crisis.
“Allens’ national real estate funds management group is seeing a strong pipeline of interesting work,” he added.
This transaction is the second major office tower development which Stubbings and Allens’
Sydney real estate group has acted on in recent years, following Dexus Property Group’s office tower at 1 Bligh St.
The Allens’ Brisbane office has also acted for Dexus in its office tower development at 123 Albert St, Brisbane.
Australian Property Journal
