LaSalle sells 19 Harris Street, a Grade A office property in Sydney
SYDNEY July 14, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of LaSalle Asia Opportunity Fund IV (LAOF IV) it has agreed to sell its 100% interest in 19 Harris Street in Sydney to a client of UBS Grocon for AU$91.919 million.
Located in the Sydney Metropolitan market of Pyrmont, 19 Harris Street is a Grade A office building with a net lettable area of 12,638 square metres extending over ground and six upper office levels. The asset was acquired in December 2014 by LAOF IV as part of a six asset portfolio transaction from Lend Lease.
LaSalle Regional Director of Asset Management, Simon Howard said, “The success of this divestment is a testament to LaSalle’s strong execution capability and our dedication to maximising gains and returning capital to investors. We are especially pleased to have generated such strong returns on this investment over a relatively short period of time.”
LAOF IV is the fourth in a series of successful opportunity funds launched by LaSalle for the Asia Pacific region, focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea. LaSalle was established in Asia Pacific in 2000 and is now one of the most recognized names in real estate investment management in the region. It currently manages US$7.0 billion in real estate assets in Asia Pacific.
James Quigley of Colliers International was the broker for the transaction.