OfficeLindsay Saunders AND Taryn ParisThu 30 Jul 26
Dexus Sells 480 Queen Street in $700m Brisbane Office Deal
Dexus has completed one of Brisbane’s largest commercial property transactions of the year, agreeing to sell its 50 per cent interest in the premium-grade 480 Queen Street office tower as part of a deal valued at $700 million.
The transaction is another significant step in the property group’s capital recycling strategy as it reshapes its investment portfolio and strengthens its balance sheet.
Under the agreement, Dexus and the Dexus Wholesale Property Fund will sell the landmark Brisbane 32-storey CBD asset for a gross price of $700 million to US-based global alternative asset manager Barings.
Barings said the acquisition reflected its confidence in Brisbane’s premium office market, with the group targeting high-quality assets in supply-constrained locations.
Barings Real Estate Australia executive director Shaun Hannah said Brisbane had some of the strongest office market fundamentals in Australia, supported by population growth, business investment, infrastructure spending and limited new supply.
Hannah said 480 Queen Street’s tenant profile, sustainability credentials and potential for rental growth aligned with Barings’ value-add investment strategy.
The acquisition adds to Barings’ Australian real estate portfolio, with the investment manager continuing to target major assets in markets it views as having long-term growth prospects.
JLL’s Paul Noonan transacted the deal for Dexus.
Dexus will receive net proceeds of approximately $657.3 million for its share after transaction costs and other adjustments.
The sale price is in line with the building’s independent valuation as at June 30 and is around 4 per cent below its December 31, 2025 book value.
In Brisbane’s prestigious Golden Triangle precinct, 480 Queen Street is regarded as one of the city's premier office towers.
The 32-level building provides more than 55,000sq m of premium office accommodation and is leased to a range of blue-chip tenants across the legal, financial and resources sectors.
The sale reflects Dexus’ broader strategy of recycling capital into higher-return opportunities while reducing gearing and enhancing financial flexibility.
The company said the proceeds would support future investment across its diversified real estate platform while maintaining a strong presence in Brisbane through its remaining portfolio.
Meanwhile, Investa and the Investa Commercial Property Fund have agreed to acquire a portfolio of office assets from Dexus, including a 50 per cent interest in Brisbane’s 123 Albert Street alongside a mandate partner.
The transaction also includes Sydney’s 30 The Bond and 36 Hickson Road at Barangaroo, with the Sydney assets to undergo repositioning and leasing programs aimed at capturing improving market conditions.
The transaction highlights continued investor demand for premium office assets in Brisbane, where improving leasing conditions, limited new supply and strong population growth continue to support the commercial property market.
The deal follows months of speculation after Dexus tested investor interest in the asset earlier this year.
Dexus is one of Australia’s largest listed real estate groups, with a $51.5 billion real estate portfolio under management across office, industrial, infrastructure and alternative assets.
Industry analysts believe the successful sale demonstrates that high-quality CBD office buildings continue to attract significant institutional investment despite broader challenges facing Australia’s office sector.
For investors, the transaction reinforces Dexus’ focus on disciplined capital management while providing additional liquidity to pursue future growth opportunities.
