The Dexus Office Partnership, a joint venture between CPPIB and Dexus has exchanged contracts to sell its 100% interest in 140 & 150 George Street, Parramatta for c$160m.
150 George Street is a 21,964 square metre, A-Grade office building located in the Parramatta CBD. The property has become vacant in the past month following the known departure of the Commonwealth Bank of Australia. 140 George Street is an adjacent 2,271 square metre site.
Dexus held a Development Approval for a 45,000sqm office building on the site spanning 33 levels and had been seeking pre-commitments to the development.
The sale was the result of an unsolicited off-market offer, by an as yet undisclosed party.
Settlement is expected in August 2022.