Sydney, 21 January 2021
Macquarie Group today announced it has entered into an agreement with a joint venture between Investa Commercial Property Fund and Manulife Financial Corporation for the sale of 39 Martin Place, which it is developing as part of the new Martin Place metro precinct in Sydney. Financial close was also achieved today.
39 Martin Place will be a 28-storey commercial building that sits above one of the primary entrances to the new metro station at Martin Place. It is one of two new commercial buildings under construction, taking inspiration from the heritage-listed 50 Martin Place with architecture and materials that respect the heritage, cultural and civic nature of the surrounding area.
In 2018, Macquarie entered into an agreement with the NSW Government to deliver a new metro station at Martin Place as part of a new commercial, retail and public precinct. In addition to the metro station, the precinct will include an underground public walkway underneath Macquarie’s 50 Martin Place headquarters, two commercial buildings, retail and substantial public space. As previously announced, Macquarie intends to be an anchor occupant of the commercial tower at the northern end and plans to integrate it with its existing headquarters.
Construction commenced in 2018 and is due to complete in 2024, in line with the start of Sydney Metro City & Southwest passenger services. It is anticipated that more than 2,500 jobs will be created during construction of the integrated development. Macquarie and its design and construction partner Lendlease have committed to workforce diversity, including female and First Nations participation and employment of apprentices.
In line with its commitment to the NSW Government, Macquarie retains responsibility for developing 39 Martin Place as part of an integrated, public transport-led precinct. The Investa Commercial Property Fund and Manulife Financial Corporation joint venture will take ownership of the building in 2024 and is responsible for leasing.
Macquarie Group Metro Martin Place Precinct Project Director, Michael Silman, said: “We look forward to working with Investa and Manulife as we continue our commitment to deliver the metro station for the NSW Government, and the surrounding precinct.
“We are delighted with the outcome of this transaction. Owners of this calibre demonstrate recognition of Martin Place as a significant commercial centre and a confident, long-term view of this part of Sydney which, when Sydney Metro City & Southwest comes online, will welcome tens of thousands of visitors and commuters every day.
“As a long-time resident of Martin Place, we are deeply conscious of its civic, commercial and cultural significance. For well over a century, people have come to Martin Place to commemorate, celebrate and congregate. Our vision for the precinct is to create a place for everyone in the heart of Martin Place.
“This vision underpins the design of the precinct and when construction is completed in 2024, people can expect accessible public spaces that are sustainable, maximise the use of natural light, feature native plants and public art, pay respect to the land’s traditional owners, and are digitally-enabled. Our goal is that this precinct will contribute to the reinvigoration of Martin Place that has been taking place over the past several years.”
Commercial terms of the transaction are confidential.