Heitman LLC has again expanded its Asia Pacific portfolio with the acquisition of 288 Edward Street in Brisbane.

The global real estate investment partnered with Brisbane-based real estate asset manager Marquette Properties to take ownership of the office asset, which last changed hands 25 years ago.

It is the latest in a series of Heitman acquisitions across the Australian seaboard throughout the past 12 months, the combined total of which is more than $700 million.

At a glance:

•  Heitman LLC has announced its acquisition of 288 Edward Street in Brisbane, Australia, on behalf of an affiliate, in a joint venture with Marquette Properties (Marquette).
• The office asset comprises of more than 18,000 square meters of office space and approximately 1,500 square meters of retail space across two floors.
• The sale follows an international expressions of interest campaign managed by JLL.

In January, the firm obtained the Brisbane Barracks on behalf of an affiliate, in a joint venture with Fortius Funds Management.

Managing director Skip Schwartz said the investments provided the firm's Asia Pacific mandates with "strong diversification across both property type and geography".

“We continue to construct our Asia-Pacific investment portfolios through strategies that are delinked or less linked to market volatility and supported by ongoing shifts in cyclical and structural trends," he said.

The office tower at 288 Edward Street comprises of more than comprised of more than 18,000 square metres of office space and approximately 1500 square metres of retail space across two floors with prime frontage on Edward Street.

Marquette Managing Director Toby Lewis said the asset "suited the skillset" of his company.

"Marquette is focused on value-add retail and office assets in Brisbane and has built a strong track record of repositioning assets in the CBD and near city markets," he said.

"We have exciting plans to transform the asset from what it is today to be an asset that tenants and buyers will value highly.”

The sale of the address follows an international expressions of interest campaign managed by Luke Billiau and Seb Turnbull of JLL’s Capital Markets team.

Mr Billiau the building's potential was recognised by both international and domestic investors.

"It is an offering that has the ability to leverage a recovering market and a central location," he said.

"The offshore capital enquiring on Brisbane opportunities has continued to increase and we don’t expect this to change over the course of the year.”

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