Baker McKenzie advised HSBC Trinkaus on the sale of 400 George Street in Brisbane to Cromwell Property Group.
The property, which Baker McKenzie helped sell for more than $520m, is a 35-level building with 43,978sqm in net lettable office, retail, and childcare area. It has a 99.8% occupancy rate, underpinned by blue-chip corporates and government tenancy. The property also has a retail precinct, a 223-bay parking complex, and an end-of-trip facility with showers, lockers, and bike racks.
Baker McKenzie said that its client sold its half stake in the property, which it has owned since it bought the site in 2007.
"It was a highly complex transaction which yielded a great result and brought to an end over 12 years of work supporting our client in managing its ownership of the property,” partner David Jones said
Jones, who heads the real estate group in Australia at Baker McKenzie, worked alongside Sydney-based senior associate Tatjana Giutronich. They were also supported by Brisbane special counsel Sarah Merrett.
Baker McKenzie said it worked closely with national firm Corrs Chambers Westgarth, which acted for Blackstone Group. Blackstone also sold its half interest in 400 George Street.