Herbert Smith Freehills has recently advised Leighton Properties on its fund through sale of 177 Pacific Highway,  North Sydney to Singapore-based Suntec Real Estate Investment Trust for AU$413.19 million. The building will be the new headquarters for the Leighton Group.

The 30-storey, 40,000-square-metre tower will be North Sydney’s first new commercial building in six years.

Leighton Properties will develop the building which will be built by Leighton Contractors. The project will be underwritten by the Leighton Group, which will take a head lease over 76% of the office space. The remaining 10,000 square metres will be let to other corporates. The design of the building will target a 5-Star Green Star and 5-Star NABERS energy rating.

The Herbert Smith Freehills team was led by real estate partner Luke Simpson, assisted by senior associates Julie Jankowski and Adrian Rich and by executive counsel, Margaret Mertens.

Partner, Luke Simpson, commented: “177 Pacific Highway will be an iconic project in North Sydney.  Leighton Properties received several offers to purchase the property from both local and international investors.  We are continuing to see significant interest, particularly from international investors, to invest in high quality, environmentally sustainable commercial property assets in Sydney.”

Catie Moore and Robert Savage of K&L Gates acted for the purchaser.