Mirvac Fund Pays A$394M for Half-Stake in Sydney’s 5 Martin Place

Mirvac Wholesale Office Fund has completed the A$394 million purchase of a 50 per cent stake in Sydney’s 5 Martin Place from Cbus Property, valuing the tower at A$788 million. The deal implies a price a third higher than when Cbus took full ownership two years ago.

The Mirvac Wholesale Office Fund has completed its A$394 million ($274.8 million) purchase of a 50 per cent stake in Sydney’s 5 Martin Place from Cbus Property, valuing the office tower at a price a third higher than when the Australian pension fund took full control of the asset two years ago.

The deal, completed at a 5.75 per cent yield, values the 19-level, 33,860 square metre (364,466 square foot) tower at A$788 million, according to market sources. This is higher than the A$592.4 million implied value when Dexus Office Partnership, a joint venture between Dexus and Canada Pension Plan Investment Board, sold its 50 per cent stake to Cbus Property for A$296.2 million in June 2024. Cbus Property will retain the remaining ownership of the tower, which sits at the corner of Martin Place and Pitt Street in the city’s financial precinct.

The deal prices 5 Martin Place at about A$23,272 per square metre of net lettable area, a 20.5 per cent premium over the A$19,315 per square metre that Japan’s Daibiru paid for 135 King Street, about 160 metres away, in early 2025. In March this year, funds managed by DWS acquired 32-36 York Street, less than 300 metres from 5 Martin Place, for under A$18,659 per square metre, nearly 20 per cent less than the Martin Place deal.

Cbus Property, which took full control of the 19-level tower in 2024, will retain the remaining ownership. The building, at the corner of Martin Place and Pitt Street, offers 33,860 square metres of net lettable area. The heritage component is the restored 1916 Commonwealth Bank building, known locally as the “Money Box,” with modern levels added in a 2015 redevelopment. The property carries a 5-star Green Star Office As Built rating, a 5.5-star NABERS Energy rating and a 4-star NABERS Water rating.

The deal values the 19-level tower at A$788 million, higher than the A$592.4 million implied when Dexus Office Partnership sold its 50 per cent stake to Cbus Property for A$296.2 million in June 2024. At A$788 million, the price equates to about A$23,272 per square metre of net lettable area, according to a Mingtiandi calculation. That is 20.5 per cent more than the A$19,315 per square metre Japan’s Daibiru paid for 135 King Street, about 160 metres away, in early 2025.

Kit Georgeos, then manager of the Mirvac Wholesale Office Fund and now Mirvac’s chief executive for funds management, said in November 2025 that the vehicle’s A$413 million equity raise showed “investor appetite for premium-grade office assets in core CBD locations is back.” Cbus Property will retain the remaining 50 per cent of the 33,860 square metre tower, which stands at the corner of Martin Place and Pitt Street.

The 19-level property was redeveloped by Cbus Property with Dexus Office Partnership in 2015, modernising the heritage-listed 1916 Commonwealth Bank building, known locally as the “Money Box”, and adding nine new levels of premium office space. The heritage floors from ground to tenth level each offer about 2,400 square metres of net lettable area, while levels 11 to 19 each provide around 1,090 square metres. The building holds a 5-star Green Star Office As Built rating, a 5.5-star NABERS Energy rating and a 4-star NABERS Water rating.

The deal values the 19-level tower at A$788 million, higher than the A$592.4 million implied when Dexus Office Partnership – a joint venture between Dexus and Canada Pension Plan Investment Board – sold its 50 per cent stake to Cbus Property for A$296.2 million in June 2024. At A$788 million, 5 Martin Place is priced at about A$23,272 per square metre of net lettable area, according to a Mingtiandi calculation. That is 20.5 per cent more than the A$19,315 per square metre that Japan’s Daibiru paid for 135 King Street, around 160 metres away, in early 2025. In March this year, funds managed by DWS acquired 32-36 York Street, less than 300 metres from 5 Martin Place, for under A$18,659 per square metre, or nearly 20 per cent less than the Martin Place deal.

Cbus Property will retain the remaining 50 per cent of the 33,860 square metre (364,466 square foot) tower, which stands at the corner of Martin Place and Pitt Street in Sydney’s financial precinct. The 19-level property was valued at A$788 million, up from the A$592.4 million implied when Dexus Office Partnership sold its 50 per cent stake to Cbus for A$296.2 million in June 2024.

Mirvac had signalled a return to office investments. Kit Georgeos, then manager of the fund and now chief executive for funds management, said in November 2025 that a A$413 million equity raise by the vehicle showed that “investor appetite for premium-grade office assets in core CBD locations is back.”

Cbus Property, with Dexus and CPPIB as partners, completed a redevelopment of 5 Martin Place in 2015, modernising the heritage building and adding nine levels of premium office space. The restored 1916 Commonwealth Bank building, known as the “Money Box”, forms the heritage component. The tower has a 5-star Green Star Office As Built rating, a 5.5-star NABERS Energy rating and a 4-star NABERS Water rating.

At A$788 million, the deal prices 5 Martin Place at about A$23,272 per square metre of net lettable area. That is 20.5 per cent more than the A$19,315 per square metre Japan’s Daibiru paid for 135 King Street, around 160 metres away, in early 2025. In March, funds managed by DWS acquired 32-36 York Street – less than 300 metres from 5 Martin Place – for under A$18,659 per square metre, nearly 20 per cent less than the Martin Place deal.

Mirvac has been rebuilding the capital base of its office fund since taking over the vehicle from AMP Capital four years ago. The fund raised about A$630 million in equity in the 12 months to June, after an A$413 million equity raising last year helped restore its credit outlook to stable, according to Mirvac. The deal may not be the last between the two parties: Mirvac is also in talks with Cbus to buy a stake in 171 Collins Street in Melbourne, BHP’s global headquarters.

The Martin Place transaction adds to a run of half-stake trades in Sydney office towers this year. In July, Hong Kong’s Link REIT agreed to sell half of 100 Market Street to Aware Super for A$225.9 million. In February, the Abu Dhabi Investment Authority sold its 50 per cent stake in Sydney’s O’Connell precinct to Charter Hall, with market sources valuing the deal at about A$500 million. In July, BlackRock completed its buyout of Cromwell’s remaining half-stake in 475 Victoria Avenue in Chatswood for A$87 million.