- 39 Martin Place is a 28-storey commercial building in Sydney
- A joint venture has been established for the sale of 39 Martin Place
- Financial close was achieved on 21 January 2021
In 2018, Macquarie Group entered into an agreement with the NSW Government to deliver a new metro station at Martin Place as part of a new commercial, retail, and public precinct.
The precinct includes an underground public walkway underneath Macquarie’s 50 Martin Place headquarters, two commercial buildings, retail, and substantial public space.
In line with its commitment to this agreement, Macquarie will continue to develop 39 Martin Place as part of an integrated, public transport-led precinct.
The due date for completion is 2024, in line with the start of Sydney Metro City and Southwest passenger services.
Macquarie has also established a joint venture with Investa Commercial Property Fund and Manulife Financial Corporation for the sale of the 28-storey commercial building. It will take ownership of the building in 2024 and is responsible for leasing. Financial close was achieved on 21st January 2021.
Macquarie Group Metro Place Precinct Project Director, Michael Silman said the company looks forward to working with Investa and Manulife as they continue to deliver the metro station for the NSW Government and surrounding precinct.
“We are delighted with the outcome of this transaction. Owners of this caliber demonstrate recognition of Martin Place as a significant commercial centre and a confident, long-term view of this part of Sydney which, when Sydney Metro City and Southwest comes online, will welcome tens of thousands of visitors and commuters every day.”
As a long-time resident of Martin Place, Silman says he deeply acknowledges its civic, commercial and cultural significance.
“For well over a century, people have come to Martin Place to commemorate, celebrate and congregate. Our vision for the precinct is to create a place for everyone in the heart of Martin Place.”