Major repositioning opportunity as 270 Pitt Street hits the market

Sydney’s 270 Pitt Street office tower is being offered to the market for the first time in over 20 years, providing a significant repositioning opportunity.

Owner ISPT has appointed CBRE’s James Parry, Flint Davidson and Michael Andrew together with Knight Frank’s Ben Schubert, Paul Roberts and Jonathan Vaughan to steer the international Expressions of Interest campaign.

With only three office towers having traded in Sydney’s Midtown precinct in the past five years, significant investor interest is anticipated.

CBRE’s Mr. Parry noted, “270 Pitt Street is one of the most strategic CBD re-positioning opportunities to be offered to the market this cycle. The 22,662sqm tower is within 140 metres of the new Pitt Street Metro Station, which is scheduled to open next year. This together with the George Street light rail will continue the gentrification of Sydney’s Midtown.”

Knight Frank’s Ben Schubert added, “The building’s side core offers a northern aspect, provides abundant natural light and highly flexible floors ranging from 910sqm to 984sqm as well as views to Darling Harbour from the upper levels. With a flight-to-quality phenomenon occurring globally and a surge of tenants choosing better quality, well-located premises, we anticipate strong investor interest both locally and globally.”

The 25-level building is being offered fully vacant following the departure of long-term anchor tenant the Department of Defence. This provides an opportunity to undertake various value-add initiatives.

The side core and efficient floor plates, which are easily subdivisible, offer flexible office accommodation for both whole floor and split floor users as well as highly visible signage opportunities.

An alternative use could also be considered with the building’s SP5 zoning allowing for a potential conversion to student accommodation subject to the relevant planning approvals.

The tower also offers significant ESG credentials, with a 6-Star NABERS Energy Rating and a 6-Star NABERS Water rating.

Expressions of Interest close Thursday 16 November 2023 at 4:00pm (AEDT).