Funds manager Peakstone has appointed CBRE to manage a portfolio of six major Australian assets, soon to include Sydney’s landmark 45 Clarence Street office tower.
Peakstone has tapped CBRE to manage the circa 100,000sqm portfolio as it continues to expand its presence in Australia and New Zealand.
The management assignment is headlined by 45 Clarence Street, which Peakstone exchanged conditional contracts to acquire from Dexus for $530 million in June this year.
The portfolio also includes 55 Clarence Street in Sydney, Westralia Plaza, 55 and 182 St Georges Terrace in Perth and the 637 Flinders Street development in Melbourne.
CBRE Senior Director, Property Management, James King noted; “This appointment significantly extends CBRE’s relationship with Peakstone, following our successful management of Westralia Plaza since 2016 and our involvement in the sales of both 45 and 55 Clarence Street. We look forward to partnering with Peakstone on value-add strategies to further optimise the performance of its Australian portfolio, including the launch of the new 637 Flinders Street precinct.”
The privately-owned, Singapore headquartered Peakstone draws on international and local experience in its Australian offices to maximise value for its investors, joint venture partners and key stakeholders.
Peakstone’s Head of Asset Management Steve Gray said; “CBRE’s track record and commitment to service excellence aligns with Peakstone’s active asset management philosophy. We have a hands-on approach and look forward to working with CBRE as we continue to grow our portfolio in Australia and New Zealand.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
