Credit Suisse Asset Management Ltd has bought the 25-level HSBC Tower in Wellington from local developer Mark Dunajtschik for $102.5 million.
CBRE Wellington managing director Matthew St Amand & senior director Bill Leckie handled the transaction.
The Ministry of Foreign Affairs & Trade is the biggest tenant of the HSBC Tower, at 195 Lambton Quay, occupying levels 10-24, being the bulk of the building. Other office tenants include HSBC & law firm Simpson Grierson.
Credit Suisse also owns the Justice Centre on Aitken St, and Mr St Amand said the bank had been looking for another high quality asset in New Zealand: “The fact they have invested in Wellington again demonstrates confidence in the stability & long-term outlook for the Wellington office market, as well as recognising Wellington as an attractive city for their long-term investment focus.”
Attribution: Agency release.