Deal profile | Gadens acts for ISPT in landmark North Sydney office tower sale

Gadens has advised super fund property investor ISPT on the sale of its landmark A-grade office tower at 100 Pacific Highway, North Sydney to Melbourne-based asset manager Forza Capital for approximately $226m.

The 19-level building, developed by ISPT and Leighton Properties in 2006, comprises 21,879sqm of A-grade office space with 122 car parks and sweeping views of Sydney Harbour. Strategically located in North Sydney’s thriving business precinct, the property benefits from proximity to the recently opened Victoria Cross Metro Station, enhancing connectivity to the Sydney CBD and upper North Shore.

The transaction highlights a strong investor appetite for high quality office assets in North Sydney, driven by the flight to quality trend and limited new supply in the submarket.

The Gadens team advising ISPT was led by Real Estate and Construction partner Andrew Kennedy, supported by special counsel Yangmin Park and senior associates Georgia Macri and Rachel Yard. The team provided comprehensive advice on all aspects of the sale, including the structuring and preparation of the transaction documents, contract negotiation and strategic stakeholder engagement.

Commenting on the transaction, Andrew Kennedy said:

“We are delighted to have supported ISPT on this significant divestment. 100 Pacific Highway is a premier office asset in one of Sydney’s most dynamic commercial precincts. This sale reflects the strength of the North Sydney market and the continued demand for well located, high quality assets.”

Practice groups: Real Estate and Construction

Deal value: $226 million

Key team members: Andrew Kennedy (Partner), Georgia Macri and Rachel Yard (Senior Associates)