Allens advises JV on iconic Macquarie Bank office tower

Allens advised Charter Hall and Morgan Stanley on its joint venture acquisition of the Macquarie Bank office tower at One Shelley Street, Darling Harbour, Sydney for $525 million.

The acquisition will be via a newly created wholesale trust run by the Charter Hall Office Fund and backed by Morgan Stanley's real estate business. The iconic Macquarie Bank building will give the fund a strategic property with attractive annual rent escalations in Sydney's fastest growing office precinct.

This was a complex transaction because of the nature of the asset. It required a detailed review of a wide range and number of property, management and title documents within a tight time frame, and documentation of not only the land sale but the joint venture relationship between Charter Hall and Morgan Stanley, and investment and property management arrangements.

Commenting on the transaction, lead real estate partner Nicholas Cowie and lead Managing Associate Alexandra Peace, said it was a great transaction to work on and one which highlights Allens' ability to deliver seamless legal services across multiple areas of legal practice.

'We are increasingly working on strategic real estate investment deals in which the asset forms the basis for a fund or trust and requires us to provide expertise in a number of practice areas'.

Contracts for the sale of the property exchanged on 24 May 2016.

'The Allens' team is very pleased to have worked alongside Charter Hall and Morgan Stanley to reach such a successful outcome,' Nicholas and Alexandra said.

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