{"id":2004379,"date":"2023-08-17T23:44:02","date_gmt":"2023-08-18T03:44:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sydney-office-block-sold-at-16-discount-as-rates-remote-working-hit-sector\/"},"modified":"2023-08-17T23:46:12","modified_gmt":"2023-08-18T03:46:12","slug":"sydney-office-block-sold-at-16-discount-as-rates-remote-working-hit-sector","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sydney-office-block-sold-at-16-discount-as-rates-remote-working-hit-sector\/","title":{"rendered":"Sydney office block sold at 16% discount due to rates and remote working impact."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsydney-office-block-sold-at-16-discount-as-rates-remote-working-hit-sector%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004379&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Breaking News: Australian Real Estate Firm Sells Office \u200cBuilding in Sydney<\/h2>\n<p>By \u2063Lewis\u2062 Jackson and Rishav Chatterjee<\/p>\n<p>Sydney&#8217;s real estate \u2064market is buzzing with the news \u2063that \u2062Australian \u2064firm Dexus has sold\u2062 an office building in downtown Sydney. The buyer managed\u2064 to secure a 16% discount on the property&#8217;s 2022 valuation, taking advantage \u200bof <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-in-uncharted-waters-fed-staff-warn\/\" title=\"Fed staff warns that the US economy is in uncharted waters.\">higher\u2064 interest rates<\/a>\u2062 and \u200bthe rise of remote working \u200cthat \u200chas \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sydney-office-block-sold-at-16-discount-as-rates-remote-working-hit-sector\/\" title=\"Sydney office block sold at 16% discount due to rates and remote working impact.\">impacted office space prices<\/a>.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>According to Reuters, Dexus, one\u2062 of Australia&#8217;s largest landlords, recently signed \u200da conditional\u2062 deal\u200d to sell its Margaret Street building in Sydney&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-dismisses-greta-thunberg-as-uneducated-for-calling-out-beijing\/\" title=\"China Dismisses Greta Thunberg as Uneducated for Calling Out Beijing\">central business district<\/a>. This move comes\u2064 as the property industry, especially <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/is-a-commercial-real-estate-collapse-looming\/\" title=\"Is a Commercial Real Estate Collapse Looming?\">office building owners<\/a>, face challenges\u200c due to \u2064the shift towards remote work and e-commerce. These factors have led tenants to reconsider their \u200doffice space \u200cneeds, while higher interest \u200drates have impacted building values and debt servicing costs.<\/p>\n<p>The 18-story A-Grade office was sold\u2063 for A$293.1 million ($188 million), representing\u200d a \u206216.3% discount from its December \u20622022\u2063 valuation. The buyer, Quintessential Equity, an Australian property developer and investor, announced \u200cthe purchase on\u200c its website without providing further details. \u200cDexus will retain a\u2064 A$50 million stake in the trust that will hold \u200dthe\u2062 property,\u2063 as\u2064 stated in \u2064their official statement.<\/p>\n<p>This is not the first time Dexus has made such a \u200csale.\u200c In June, they sold another premium office\u200c building in\u200b Sydney&#8217;s central business district for A$393.1\u200c million, at a discount of nearly 17% compared to an independent valuation made\u200c in December.<\/p>\n<p>Dexus CEO Darren Steinberg \u200bemphasized\u2064 that forced\u200c sales were not on the\u200b table, as the company\u2064 has secured enough financing from banks and recent \u2062note issues to fund its pipeline.\u2063 They will only sell assets to generate cash for higher-yielding projects.<\/p>\n<p>($1 = 1.5613 Australian dollars)<\/p>\n<\/p>\n<p>  (Reporting\u2062 by \u2062Lewis Jackson in Sydney and \u2062Rishav Chatterjee \u200cin Bengaluru; Editing by Subhranshu Sahu, Rashmi Aich and\u2063 Sam Holmes)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/sydney-office-block-sold\/attachment\/file-photo-the-sydney-city-centre-skyline-is-seen-in\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<p>Prosecutors announce a major break \u200bin\u2062 the\u2062 murder of Microsoft executive\u200b Jared Bridegan. One America&#8217;s \u200bTaylor Tinsley has\u2064 the latest.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Political Updates:<\/h3>\n<p>President \u200bRobert L. Peters has some explaining to do while Georgia State Senator Colton Moore\u200c moves to Defend Trump<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Biden&#8217;s Remarks:<\/h3>\n<p>During his remarks on the one-year\u2064 anniversary of the\u200d so-called &#8216;Inflation-Reduction Act&#8217;, Biden challenged anyone to\u200c name a single thing the United States has\u200b set out to accomplish under his Administration and failed.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Legal\u2063 News:<\/h3>\n<p>Former White House \u200dChief of \u200cStaff Mark Meadows filed Tuesday to move\u200c the case \u200cbrought against\u2063 him by Fulton \u2064County District Attorney Fani Willis to federal court. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Technology Updates:<\/h3>\n<p>By Jaspreet \u200cSingh and Max A. Cherney (Reuters) &#8211; Semiconductor \u2064equipment maker Applied Materials\u2064 on Thursday forecast its fourth-quarter profit \u2064would \u2064be \u200bsubstantially\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Microsoft&#8217;s New Software:<\/h3>\n<p>(Reuters) &#8211; Microsoft is planning to start \u2064selling a new \u2064version of Databricks software that helps customers \u200bmake AI apps for their\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Lawsuit Dismissed:<\/h3>\n<p>By \u2063Jonathan Stempel\u200d (Reuters) &#8211; A \u200cU.S. federal judge on \u2063Thursday dismissed a lawsuit accusing \u2062YouTube of restricting or removing videos from\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Cybersecurity Update:<\/h3>\n<p>By Zeba Siddiqui SAN FRANCISCO (Reuters) &#8211; Google-owned U.S. cybersecurity firm \u200cMandiant said on Thursday \u200bit had seen increasing use \u2062of artificial intelligence\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Australian real estate firm Dexus sold a downtown Sydney office building at a 16% discount on its 2022 valuation due to higher interest rates and the rise of remote work. The buyer received the discounted price, according to Reuters.<\/p>\n","protected":false},"author":66,"featured_media":2004380,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2004379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004379"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004380"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}