Marquette Expands Brisbane Portfolio with $52m George Street Acquisition

Marquette Properties has strengthened its presence in Brisbane’s CBD, acquiring the 63 George Street office tower from QIC for $52 million. The deal was negotiated by CBRE’s Peter Chapple, Jack Morrison and Bruce Baker following an expressions-of-interest campaign.

The 10,586-square-metre building is fully leased to the State of Queensland until April 2029, with no further lease options.

GALLERY  

Positioned on a 1750-square-metre PC1-zoned site, the property allows for a range of future uses including residential, hotel and commercial developments up to 274 metres, subject to approvals.

Marquette’s managing director Toby Lewis said the acquisition aligns with the company’s strategy to support Brisbane’s ongoing transformation ahead of the 2032 Olympics. “The Brisbane CBD needs more offices, hotels, apartments and purpose-built student accommodation, and this property can help unlock these opportunities,” Lewis said.

The purchase follows Marquette’s acquisition of the nearby 41 George Street tower last year, earmarked for a Purpose-Built Student Accommodation (PBSA) project. CBRE’s Peter Chapple described the 63 George Street transaction as a tactical addition to the company’s growing portfolio.

“Strategically located near Albert Street Cross River Rail, Queens Wharf, Parliament House and QUT, the asset has excellent demand drivers and ultimately attracted interest from multiple local, domestic and offshore groups wanting to secure this prime CBD position,” Chapple said.

CBRE’s Jack Morrison noted that the secure government-backed income and the building’s strong cash flow were major drawcards for investors. “The fundamentals of the Brisbane office market continue to improve, with limited new supply forecast for the next five years. Buyers were also interested in the property’s adaptive reuse potential and its long-term prospects,” Morrison said.

With the acquisition of 63 George Street, Marquette continues to build its footprint across Brisbane’s commercial property market, positioning itself to play a key role in the city’s next wave of development and urban renewal.

Images via The Urban Developer

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