Allens acts for DEXUS in part-sale of 6-star, Green Star development
12 February 2009
Allens Arthur Robinson (Allens) acted for DEXUS Property Group (DEXUS), one of Australia's largest diversified property groups, in a comprehensive deal that saw the sale of a one-third interest in its new premier office tower development in Sydney.
Allens advised DEXUS on the complete transaction including the development, construction, anchor tenant leasing and disposal of its part interest to Cbus Property, a subsidiary of Cbus, the national construction and building industry superannuation fund.
The deal establishes a partnership between existing owners DEXUS and DEXUS Wholesale Property Fund (DWPF) and now Cbus Property in the proposed development, designed to achieve a 6-star, Green Star office tower at 1 Bligh Street, Sydney.
Partner Mark Stubbings led the Allens team on this matter, working closely with a range of Allens' practice groups, including corporate, real estate, construction and tax.
According to Mr Stubbings: 'We are delighted to be able to assist long-standing client DEXUS in this important transaction which marks the culmination of three years work on this project.
'Pulling together a team of dedicated, multi-skilled lawyers, we were able to provide real estate development, construction and tax expertise to achieve a successful outcome for DEXUS - along with the other parties to the complex matrix of transactions, under significant time pressures.
'At a time of uncertain transactional activity in the commercial real estate market, it is crucial that clients can access highly skilled legal teams who are coordinated and able to provide a broad spectrum of necessary legal advice and expertise,' added Mr Stubbings.
The Bligh Street development, being developed by DEXUS, DWPF and Cbus Property, is scheduled for completion in mid 2011. Designed to achieve a 6-star Green Star rating, the transparent, elliptical-shaped premium grade tower will be Australia's first double-skin faÇade high-rise office building.
| Allens legal team | Corporate: Mark Stubbings (Partner), Teresa Lusi (Senior Associate),
Zoe Green (Senior Associate), Leah Mauger (Lawyer), Jacqueline Roberts (Lawyer),
Andrew Selim (Lawyer), Sarah Longes (Lawyer) Construction: Leighton O'Brien (Partner), Christopher Larcos (Senior Associate), Will Potts (Lawyer) Tax: Ross Stitt (Partner), Adrian Chek (Partner), Rory O'Brien (Senior Associate) |
Ends
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.
