Landmark Office Tower Sold for $50.5 Million

Colliers and CBRE broker Adelaide’s largest office sale of 2025, highlighting strong investor confidence and future development potential.

Colliers and CBRE have successfully sold and settled a prominent 11-level office tower at 63 Pirie Street, Adelaide, for $50.5 million. The property was acquired by Centennial, marking the largest office sale in Adelaide so far this year.

The campaign was jointly managed by Colliers’ Jordan Schmidt and Alistair Mackie, alongside CBRE’s Ian Thomas and Alistair Laycock.

Jordan Schmidt, Head of Investment Services for South Australia at Colliers, said, “This transaction reflects the continued demand for well-located, high-quality office assets in Adelaide. The strong leasing profile and recent upgrades made 63 Pirie Street a compelling opportunity.”

Positioned in the heart of Adelaide’s business precinct, the building comprises 11,329 sqm of net lettable area and includes 34 basement car parks. It is currently 86% leased, with a weighted average lease expiry (WALE) of approximately 3.7 years. Tenants include high-profile organisations such as Lockheed Martin, Macquarie Bank, Cowell Clarke, Bentleys and Tank Stream Labs.

The building occupies an 1,823 sqm corner site within a Capital City zoning, offering future development potential with no prescribed height limit, subject to planning approval.

CBRE’s Ian Thomas noted, “With no stamp duty on commercial transactions and a stable economic environment, Adelaide continues to draw interest from both domestic and offshore buyers. This sale is a testament to that confidence.”

Alistair Mackie, Colliers National Director, Capital Markets & Investment Services, added, “The South Australian economy continues to strengthen, with more than two decades of uninterrupted growth and over $100 billion in major developments underway. This level of investment across multiple sectors is driving sustained demand for premium office space.”

Centennial has indicated plans to further upgrade the building to capitalise on Adelaide’s tightening vacancy rates and the ongoing return-to-office trend.