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AND FINALLY

Allens handles record non-CBD deal

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LAW firm Allens advised on the $438.2 million sale of the Zenith Towers, the largest transaction for an office asset outside of the CBD.

US fund manager Starwood Capital and Arrow Capital Partners bought the complex recently from Centuria and BlackRock.

Allens advised BlackRock and Centuria on the sale recent transaction. In 2016, the firm advised BlackRock and Centuria on their joint acquisition of the Zenith.

Lead partner Victoria Holthouse said the sale of the Zenith for a record amount of around $440 million, reflects a shift in Sydney’s office market with increasing investor appetite for locations outside of the CBD.

“Having previously advised on the acquisition of The Zenith in 2016, we were delighted to again assist BlackRock and Centuria on the asset’s sale.

“Sydney’s office market is continuing to grow, yet vacancy rates remain low and supply in metro locations is limited. In this environment, we anticipate more investors will begin looking to suburbs, such as Chatswood, in Sydney’s north, and Parramatta, in Sydney’s west,” she added.

Holthose was assisted by senior associate Matti Bechler and graduate Tamar Ruiz. They were assisted by partner Marc Kemp and associate Justine Gainsford on the funds side and managing associate Charles Ashton from corporate.

Australian Property Journal