Wednesday 26 November 2O14 www.afr.com I The Australian Financial Review .ir::-rir}-:-*rei€lRealEstate.com.au :'..$"i ** *= ffi * F=*R # $leq I Estqte Marprop caps off busy Year c#fteietesGeorge MercedesRuehl Sydney-based real estate firm Marprop has bought a Norttr Sydney office tower Charter HallGrouP is firming buyer of275 George Street in CBD for about 550 million' for $45 million, oneofthefinal assetsleft in the Altis Property Parftrers portfolio whichhitthe marketearlierin theyear. Number 2 Elizabeth Plaza, located interested Partieswanting to h.r office building, which is beirg sd group La5alle lnvestment lvlar4 Brookfi eld ffi ice Properties r in due diligence to buY 6O Gnir Svdnevtrain station, is80 percentleased and the transaction reflects a passing -leld ofabout8Percent Thel2-levelbuildinghasanetlettable Street on the same block forjld 5120 million, had also made a till area of approximately 8000 square meffes with a mixture of national and multi-national tenants. asset. A number of hotel grcx-rPs expressed interest in 275 Georgr but it is Charter Hall that lra adr ahead ofthe Pack, sourcestoU I * Marprop, a Property investment' development and advisory firm said there is significant value add potential and intends to reposition the asseL a busyyear FinandalReview. Charter Hall declined to for Marprbp and comPlements the $600 million in development management work we are currently undertak- jroup marketing the bcxrtil-ec retail property, also dedined to Marshallsaid. 'We remain on the lookoutfor quality develoPment opportunities to support our strategic growthagenda" The property was marketed bY Bwan Kenny and Chris Veitch ofChesterton International and James Barber and Jon Chomleyof Colliers lnternationaL Marprop, which is owned bY Mr Marshall and long-timer CEO of Charter Hall Group Andie Biet has a number of qn and Colliers lnternational,tle re ing," MarpropManagngDirectorJames properties and 1 The Australian Finano'al R*re revealed earlier in Novembertfu listed propertY grouP was in tle t near GreenwoodPlaza and the North 'The acquisition caps off e tlr million' tvtarprop tras Uough number2 Elizabeth Plaza in North Sydneyfor 545 projects in the pipeline. This includes the ne* eustrallan headquarters for Swiss pharmaceutical giantNovartis. It bought 93 George Street in Parramaua earlier intheyear for $29 million andhas entered into contracts to sell apropertyinTopRyde. Miwac acquiied five industrial assets out of the Alitis portfolio earlier inNovember. Altis, which manages over $700 million worth of property, remains active in the market seeking office industrialassets. Bloomer builds a new listing and comment. The building has ZJ0O sq.-st ofoffice and retail and over16d tenants. lt has a fultY leased Pot income of morethan 54.6 nffc A numberof office buildir4s Sydney are in the Process including 35 Clarence Street, G< House at I Alfred Street ard a S ofki 16l Castlereagh MERCEDES RUEHL Street