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Two MQ acquired

28 Mar 2018

Two MQ acquired Image

Lendlease has sold its Two Melbourne Quarter commercial tower.

Announced on March 21, the company said The Australian Prime Property Fund (APPF) Commercial, managed by Lendlease Investment Management, has joined First State Super, to jointly acquire the building.

A development agreement has been signed with Lendlease Development to build it.

Two Melbourne Quarter has also secured EnergyAustralia as anchor tenant, the largest tenant to date for the precinct.

With construction underway, EnergyAustralia has agreed to lease about 22,000 sqm of the 50,000 sqm tower, taking up 10-and-a-half levels of the building’s high-rise floors.

With almost half the Woods Bagot-designed tower now leased, this leaves approximately 12 contiguous floors remaining.

The building has flexible 2000 sqm floor plates and is expected to house up to 4500 workers.

First State Super and APPF Commercial will each hold a 50 per cent interest in the 25-storey tower, which will target leading sustainability outcomes and ratings in energy, water, waste and indoor environment quality.

Two Melbourne Quarter is the second of three commercial towers for the precinct.

The first tower, One Melbourne Quarter, is 90 per cent leased and on schedule for completion later this year.

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