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Mitsubishi Estate Asia divesting 30% stake in 180 George Street

By Nicholas Lam

/ EdgeProp Singapore |

August 8, 2024 6:32 PM SGT

Salesforce Tower in Sydney's CBD. (Photo: CBRE)

Mitsubishi Estate Asia (MEA) wants to sell its 30% stake in Sydney’s Salesforce Tower, a recently completed premium office building at 180 George Street. This will mark MEA’s first divestment in Australia.

According to an Aug 7 press release, the divestment is part of MEA’s global capital recycling strategy, allowing the group to reinvest in further growth projects in Australia.

“This divestment bolsters MEA’s strategic expansion in Australia, where we continue to participate in more development projects across our real estate sectors of focus, including living, office and industrial,” says Yuzo Nishiyama, head of Australia at MEA.

Salesforce Tower comprises 645,000 sq ft of Grade-A office space across 53 office floors atop a ground floor lobby and 21,500 sq ft of retail space. It also has two levels of basement parking. Standing at 263m tall, it is the tallest office building in Sydney.

The property has reported a 99% occupancy rate with tenants such as JLL, The Executive Centre, and Salesforce, the tower’s namesake.

In Sydney Place, within the Circular Quay precinct, Salesforce Tower also benefits from recent private investment, such as the Sydney Waldorf Astoria Hotel and One Circular Quay, a luxury residential project. Both developments are set to be completed in 2026.

Ping An Real Estate holds a 50% stake in Salesforce Tower, while Lendlease owns the remaining 20% share through APPF Commercial, a property trust managed by LendLease.

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Mitsubishi Estate Asia Sydney

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Mitsubishi Estate Asia divesting 30% stake in 180 George Street

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