Brookfield has a strong presence in Perth. Apart from 108 St Georges Terrace, it also owns Brookfield Place plus developments at Elizabeth Quay including One The Esplanade, Chevon’s new headquarters, of which it holds 25 per cent.
A Brookfield spokeswoman said the project is more than 80 per cent leased and due to complete in 2023. Construction of another large mixed-use Brookfield project in the area, Elizabeth Quay Lot 6, is scheduled to start later this year.
The property giant has owned 108 St Georges Terrace since 2007 and is understood to have spent more than $100 million improving the building over the past decade, setting it up for sale.
“We have had recent strong leasing success, making it ideal for a buyer looking for a high-quality, core asset in a city with excellent growth prospects,” the spokeswoman said.
“We would look to recycle the capital into new opportunities around Australia, both in office and other sectors.”
The building, completed in 1988, is 87 per cent occupied with an average weighted lease expiry of 3.6 years.
“No single occupant represents more than 25 per cent of the property’s income stream,” said CBRE agent Aaron Desange.
“This aligns well with the likelihood of constrained office supply from 2025 to 2027, helping support future rental growth prospects.”