Marquette bulks up in Brisbane CBD as Olympics move closer
Brisbane-based Marquette Properties has picked up an office tower in its home town from state investment giant QIC for $52 million, just next to a major student accommodation project that the private real estate investment house is developing.
The tower at 63 George Street neighbours another office block that Marquette snagged separately last year in a discount deal for around $120 million. In partnership with ASX-listed Dexus, Marquette is transforming the site at 41 George Street into a $500 million, 1200-bed student dorm.
“We are thrilled to have acquired this great property [63 George Street] on a prime corner of the Brisbane CBD and adjoining our live PBSA [purpose-built student accommodation] project in a joint venture with Dexus,” Marquette’s managing director Toby Lewis said.
“Brisbane is our home, and we believe in our city. The Brisbane CBD needs more offices, hotels, apartments and PBSA, and this property can help unlock these opportunities and assist with the city’s transformation in the lead up to the 2032 Olympics.”
Marquette is steadily expanding its portfolio of office blocks in the Brisbane CBD, which now includes the so-called Blue Tower at 12 Creek Street and the Gold Tower at 10 Eagle Street, both of which were bought from Dexus.
CBRE’s Peter Chapple, Jack Morrison and Bruce Baker negotiated the sale of the QIC-owned building on George Street.
“Strategically located near Albert Street Cross River Rail, Queens Wharf, Parliament House and QUT, the asset has excellent demand drivers and ultimately attracted interest from multiple local, domestic and offshore groups that wanted to secure this prime CBD position,” Chapple said.
The building at 63 George Street has 10,586 sq m of office building, which is fully occupied by the Queensland government until April in 2029. The building stands on a 1750-square-metre land parcel. Its zoning allows for various uses, including residential, hotel and commercial development.
