Under the terms of the joint venture agreement MEC will acquire a 25 percent interest in Parkline Place with Oxford retaining a 75 percent interest.
The 39-storey premium office building and retail precinct, located above Sydney Metro’s new Pitt Street station, on the corner of Park and Pitt streets, will feature 47,800 square metres of office space with a further 1,290 square metres of retail amenity.
Upon completion in 2024, the office building will accommodate upwards of 4,500 daily occupiers and will boast industry leading smart building features, including a digital twin building model for real-time operations insight and management, and sustainability features such as a Gold target minimum, for WELL Rating Core and Shell.
Penny Ransom, Chief Investment Officer, Investa said: “We are pleased to welcome MEC as a highly valued partner of the Investa platform. The strong development and investment track record of both Oxford and MEC globally will support the delivery of one of Sydney’s leading new premium grade office buildings. Located in the vibrant heart of the CBD Parkline Place will provide a leading new generation workplace for our future tenants.”
Alec Harper, Head of Australia, Oxford Properties said: “Partnership is in Oxford’s DNA, so we’re proud to be working alongside Mitsubishi Estate to deliver a project that we believe will redefine the modern workplace in Australia. Mitsubishi Estate’s investment in the project is another demonstration of the strong appetite among global institutional capital for high-quality office product, that Oxford is seeing play out in key gateway markets around the world.”
Designed by world renowned architects Foster + Partners, Parkline Place, will deliver an innovative, well-connected, premium commercial building that addresses the evolving needs of office tenants. Inspired by its unique position alongside Sydney CBD parklands, the development will provide exceptional views over the Harbour, Hyde Park and the civic heritage of Town Hall.
Nellie O’Keeffe, Project Director, Pitt Street North said: “City-defining projects such as Parkline Place bring great minds together. We are confident in the Sydney office market and believe the project’s exceptional location, integration with the new Pitt Street metro station, leading sustainability and technology features and world class delivery team will underpin the successful delivery of the development.”
Yuzo Nishiyama, Head of Australia, Mitsubishi Estate Asia said: “We are truly excited to be a part of such a transformational project for Sydney and look forward to expanding our relationship with Oxford and Investa as we work together to deliver Parkline Place”.
Oxford is a global real estate investor, asset manager and business builder. Investa is Oxford’s local operating and development partner across its commercial office portfolio and growing build-to-rent residential business in Australia.
MEC is one of Japan’s largest property developers and a global strategic property partner within commercial and residential real estate.
Parkline Place is due for delivery in Q1 2024.