PGIM Real Estate to transform Public Trustee building into an A-grade tower
A global real estate giant which paid $56m for a 51-year-old Brisbane building says it will have a $300m state-of- the-art tower once it’s done with an extensive refurbishment. SEE THE NEW PICTURES
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One of Brisbane’s tired B-grade buildings is undergoing a multimillion-dollar transformation into a $300m plus cutting-edge A-grade office tower with state-of-the-art facilities.
Taking advantage of increasing demand and a lack of office supply coming to the Brisbane CBD over the next few years the world’s third largest real estate investment manager PGIM Real Estate is repurposing its 24-storey former Public Trustee Building at 450 Queen St.
Buildcorp has been appointed lead contractor of the extensive refurbishment which is scheduled for completion by early 2027.
PGIM executive director – Australia asset management Andrew Neary said their goal was to target the highest available credentials which includes a 6 Star Green Star rating and features one of Australia’s tallest Cross Laminated Timber extensions.
“It sets a new benchmark for adaptive reuse in commercial development, catering to the
increasing needs of tenants for high quality, well-located CBD offices with strong sustainability characteristics,” he said.
PGIM acquired the 51-year old building in 2021 for $56.2m on behalf of its Asia Pacific Value Partners IV Fund.
Repurposing the building’s existing structure and embracing best practice sustainable design, the new look tower will offer 17,235 sqm of net lettable area and floor plates of between 720 sqm and 1200 sqm.
It will also have 1500 sqm of mass timber offices over three floors.
PGM said the refurbishment will further enhance the historic Queen St-Brisbane River reach across from Customs House and adjacent to the heritage-listed Queensland Country Life building facade.
The new look 450 Queen St will have premium level services and amenities, embedding sustainability and designed by award-winning multidisciplinary design practice
Fender Katsalidis.
The tower adds to PGIM’s strategic investments and developments in Brisbane which include 130 Queen St, 307 Queen St, 215 Adelaide St, Howard Smith Wharves, several living sector projects, and a portfolio of logistics properties.
JLL and Colliers have been appointed leasing agents for 450 Queen St.
PGIM Real Estate managing director and head of Australia Steve Bullock said the company has been actively investing in Australia across various sectors in the last few years.
“Despite heightened volatility, Australia continues to offer compelling risk-adjusted returns, underpinned by strong structural trends and institutional demand for high-quality assets,” he said.
“Brisbane is further supported by significant demand drivers, including the upcoming 2032 Olympic and Paralympic Games and real barriers to supply.
“As we continue to see a flight-to-quality within the office sector, 450 Queen St – with its strong location, river views, and significant repositioning plan – is well placed to address corporates’ demand for modernised, sustainable first class work space in strategic locations.”
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