{"id":1004329826,"date":"2019-06-10T03:32:18","date_gmt":"2019-06-10T11:32:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004329826"},"modified":"2019-06-10T03:33:08","modified_gmt":"2019-06-10T11:33:08","slug":"starwood-capital-jv-acquires-sydney-office-towers-for-307m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-capital-jv-acquires-sydney-office-towers-for-307m\/","title":{"rendered":"Starwood Capital JV Acquires Sydney Office for $307M"},"content":{"rendered":"
\"\"<\/a>

The Zenith. Image courtesy of Centuria<\/em><\/p><\/div>\n

A joint venture between Starwood Capital and Arrow Capital Partners has acquired The Zenith, an iconic, Class A office complex in Sydney\u2019s Chatswood district, from a joint venture between Centuria and BlackRock, for approximately $307 million (A$438.2 million). The deal marks Starwood Capital\u2019s single largest transaction in Australia to date and second joint venture with Arrow Capital, according to The Age<\/em><\/a>.<\/p>\n

The 474,710-square-foot property features two 21-story towers and 785 underground parking spaces. The complex is located at 821 Pacific Highway, in the city\u2019s popular North Shore, offering convenient access to Chatswood Station and to Sydney\u2019s central business district.<\/p>\n

The joint venture sellers purchased The Zenith in 2016 for $194 million (A$279 million). While the plan was originally to hold the property longer, Centuria\u2019s active management was credited for bringing the building up to such a level that the time was right to sell. Since buying the property three years ago, the building has seen 58 new leases, with occupancy rising to 100 percent. Rents also greatly increased during the joint venture\u2019s ownership.<\/p>\n

Popularity of Sydney <\/strong><\/h2>\n

According to the latest Australia office market report by JLL, which was an advisor on this deal, the metro office market currently shows a prime vacancy rate below 4 percent and prime office yields ranging between 5.5 percent and 6.25 percent. The report noted strong leasing activity and limited contiguous space in Sydney is projected to contribute to a minor tightening in vacancy in the year ahead.<\/p>\n

JLL also noted there were 10 offers on the Zenith. That\u2019s not surprising since the area\u2019s office market is thriving. Last summer, Lendlease Investment Management acquired an office tower at 10 Spring St. in Sydney<\/a> from Centuria Capital. Around the same time, AEW purchased the 10 Barrack St. office property, also located in Sydney\u2019s central business district.<\/p>\n","protected":false},"excerpt":{"rendered":"

Centuria and BlackRock had owned The Zenith, a two-building office complex in the city\u2019s Lower North Shore, since 2016. The deal marks Starwood\u2019s single largest transaction to date in Australia.<\/p>\n","protected":false},"author":451,"featured_media":1004329835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21742,21747],"tags":[33106,32796,33849,34880],"class_list":["post-1004329826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-latest","category-office","tag-blackrock","tag-jll","tag-lendlease","tag-starwood-capital-group"],"acf":[],"yoast_head":"\nStarwood Capital JV Acquires Sydney Office for $307M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-jv-acquires-sydney-office-towers-for-307m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Capital JV Acquires Sydney Office for $307M\" \/>\n<meta property=\"og:description\" content=\"Centuria and BlackRock had owned The Zenith, a two-building office complex in the city\u2019s Lower North Shore, since 2016. 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