The acquisition is expected to be this year’s highest-value office building transaction
Bell Gully has assisted on what is expected to be the highest-value office building transaction of 2020.
The firm acted for the purchaser of a new office building located at 155 Fanshawe Street in Auckland. The property was a project of major developer Mansons.
The building is a premium grade, 6 Star Green Star, 5 Star NABERSNZ development that counts Kiwibank, Genesis, Southern Cross and Trade Me among its tenants. The building is populated by both offices and retailers.
Bell Gully advised the purchaser on all aspects of the acquisition, such as the construction, consenting and leasing of the development in addition to the acquisition itself. The team also helped to obtain approval from the Overseas Investment Office.
The firm began working on the transaction in early 2018, and the acquisition was completed in the past week.
Bell Gully congratulated both the purchaser and Mansons on the success of what it said is “the market-leading office building transaction of 2020.” Auckland-based partners Ian Becke and David McPherson led Bell Gully’s team on the transaction.
Becke is part of the firm’s real estate group, and specialises in construction, infrastructure and property development projects. He has handled large-scale commercial real estate leasing and sales.
Becke’s other recent achievements include advising Auckland Transport on a landmark capital works procurement in relation to the AMETI Eastern Busway Programme.
Meanwhile, McPherson focuses on acquisition finance, asset finance, insolvency and debt restructurings. Recently, he advised Air New Zealand on a $150m fixed-rate bond offer and on the financing of its aircraft.