Marquette managing director Toby Lewis said the asset presented a good value-add opportunity in Brisbane’s CBD.
“We have exciting plans to transform the asset,” Lewis said.
“Its central position relieves leasing stress and afford us options to improve the retail podium and the public realm dramatically.”
Heitman was joined by four offshore investors on the deal.
“They all believe in the Queensland economy’s direction, the growth of Brisbane and its continued improvement in the standings of Asia-Pacific cities to invest,” Lewis said.
Marquette manages $300 million of commercial and retail assets across South East Queensland.
Heitman recently picked up the Brisbane Barracks with Fortius Funds Management and the K1 office tower in Brisbane’s Fortitude Valley from Melbourne syndicator Impact Investment Group.
Quadra acquired 288 Edward Street for $27 million in the early ’90s. The 133 Mary Street asset will settle in coming weeks.
The 288 Edward Street sale was handled by JLL agents Luke Billiau and Seb Turnbull.