$210M ‘Gotham Tower’ sale

 $210M ‘Gotham Tower’ sale

Brisbane’s ‘batman building’ has been sold for approximately $210 million to American investment and development firm Hines.

Located at 50 Ann Street, the 30-storey skyscraper has been occupied by the state government’s Department of Justice, and offices of the Attorney-General for more than 40 years, with a six-year renewal recently signed.

The State Law Building, known to locals as the ‘batman building’ or ‘Gotham tower’ thanks to its distinctive rooftop structure, had been owned by Asian logistics giant ESR since 2019, with the group now turning their focus to warehousing operations. 

The sale is the latest in a series of major property deals made in Brisbane this year, including the $285 million sale of Gold Tower to Marquette Properties, and a $210 million CBD purchase by Fortius. 

It’s a sign that investors of all stripes are confident in the river city’s economic recovery, despite a period of high vacancies and closed business.

At 25,519sqm, 50 Ann Street is an imposing presence in Brisbane’s CBD, located close by the Magistrates, District, Supreme and Commonwealth Courts as well as the Queensland Police Headquarters.

Its ongoing tenancy and potential to benefit from nearby infrastructure were likely key factors in its $210 million sale, the latest in a series made across the country by Hines. 

Nearly $13 billion has been committed for infrastructure renewal near the site, including the Cross-River Rail, Queen’s Wharf and Brisbane Metro, which will have flow-on effects for Ann Street.

Other projects underway by Hines include the development of a 15-floor office building in Melbourne, and a 10-storey boutique office, also in Melbourne.

The State Law Building was marketed via an expressions of interest campaign run by Seb Turnbull and Paul Noonan of JLL, and Flint Davidson and Bruce Baker of CBRE, who have declined to comment on the sale. 

Address:

50 Ann Street, Brisbane City, QLD 4000

Agent:

Seb Turnbull – 0407 374 298
Paul Noonan – 0403 331 455
JLL Brisbane

Flint Davidson – 0411 183 061
Bruce Baker – 0413 013 668
CBRE Brisbane

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