GPT Group has completed the acquisition of Brisbane’s Central Plaza II office tower for $380 million, expanding its presence in Queensland’s commercial property sector. The transaction was supported by US investment firm TPG Angelo Gordon, highlighting growing international interest in Brisbane’s office market.
The 23-level, A-grade office building at 66 Eagle Street is located in Brisbane's Golden Triangle precinct and offers approximately 32,000 square meters of net lettable area. The property is currently around 95.5 percent leased, with a weighted average lease expiry of 3.8 years. Key tenants include Queensland Investment Corporation, McCullough Robertson, and several government agencies.
GPT’s chief executive, Russell Proutt, described Brisbane’s Golden Triangle as one of the company’s highest conviction submarkets, noting the strengthening office leasing fundamentals and limited new supply forecast for the central business district. He emphasized that the acquisition aligns with GPT’s strategy to partner with investors and leverage operational expertise to generate strong returns.
The purchase marks a significant step for GPT’s value-add partnership, which has invested more than $500 million since its establishment earlier this year across student living, logistics developments, and now office assets. The deal was conducted directly with Germany’s Deka Immobilien Investments, which previously acquired the building in 2020 for the same price from joint owners Lendlease’s Australian Prime Property Fund Commercial and Abu Dhabi Investment Authority.
Industry analysts from Citi supported the move, recognizing Brisbane’s Golden Triangle as a robust office market benefiting from constrained new supply, improving leasing conditions, and rental growth potential in the acquired asset.
This transaction signals a broader trend of increased activity in Brisbane's office sector, contrasting with softer markets in Sydney and Melbourne, where up to $10 billion of commercial properties are expected to be offered for sale by the end of the year. The competitive environment in Brisbane is encouraging investors to pay premium prices for well-located office buildings.
GPT has been steadily increasing its exposure to the office market, including its recent purchase of a 50 percent stake in Sydney’s $1.72 billion Grosvenor Place tower. TPG Angelo Gordon also holds investments in the Australian market, having acquired a majority interest in around $200 million worth of industrial properties in a 2024 deal with Growthpoint Properties Australia.
The Central Plaza II acquisition underscores Brisbane’s growing appeal as a commercial hub and reflects investor confidence in the city’s leasing outlook and market fundamentals.