Highlights

• GPT Group (ASX:GPT) agreed to acquire 66 Eagle Street for A$380 million.

• The asset will sit within GPT’s value-add Partnership with TPG Angelo Gordon.

• The office tower offers approximately 32,000 square metres of net lettable area.

• Settlement is expected after Foreign Investment Review Board approval.

GPT Group (ASX:GPT) has agreed to buy a 23-storey Brisbane CBD office tower at 66 Eagle Street for $380 million, one of the clearest signals yet that the diversified property group sees value returning to the city's office market. The acquisition, announced on 14 September 2026, will be held through GPT's value-add partnership with US investment manager TPG Angelo Gordon, which has now deployed more than $500 million since launching in February 2026. Financial close is targeted for November 2026, subject to Foreign Investment Review Board approval.

A long-established diversified landlord

GPT has traded on the ASX since April 1971, when it listed as General Property Trust under property group Lendlease, before internalising its management in 2005 through a restructuring involving Babcock & Brown. That scale, and the existing funds management relationships it has built over several decades, underpin GPT's capacity to pursue opportunistic acquisitions such as the Eagle Street tower through partner Capital rather than committing its own Balance Sheet alone.

The asset changing hands

The tower, also known as Central Plaza II, sits within Brisbane's 'Golden Triangle' precinct and offers around 32,000 square metres of net lettable area across 23 levels, plus more than 200 basement car spaces. It is 95.5 per cent leased, with tenants including federal government departments, QIC, McCullough Robertson, Mills Oakley and Fujitsu. The seller is German Fund Manager Deka Immobilien, and the $380 million price matches what Deka itself paid to acquire the building around seven years earlier, underscoring how flat Brisbane office values have been through the cycle.

A partnership built for opportunistic buys

The purchase is GPT's latest move through its value-add partnership with TPG Angelo Gordon, a vehicle established in February 2026 to target office, logistics and student accommodation Assets where GPT sees scope to add value through repositioning or leasing improvements. That partnership is distinct from GPT's separate industrial joint venture with Canadian investor QuadReal Property Group, which GPT expanded to more than $1 billion in 2025, illustrating how GPT has used multiple capital partnerships with different institutional backers to widen its sector exposure without funding every Acquisition solely from its own balance sheet. GPT already owns other Golden Triangle office assets nearby, including 111 Eagle Street and the Riverside Centre at 123 Eagle Street, giving it a concentrated cluster of holdings in the same Brisbane precinct.

Key Insights

GPT's public statements on the deal have focused on these asset-specific fundamentals — occupancy, rental reversion and replacement cost — rather than broader claims about a citywide recovery, a distinction worth noting given the office sector's uneven performance nationally. The transaction remains conditional on FIRB approval, with financial close not expected until November 2026, leaving scope for delay, and any broader office market recovery is not assured: hybrid working patterns continue to weigh on national vacancy rates, and one asset's high current occupancy does not guarantee comparable Demand elsewhere. Investors will be watching FIRB's decision, further acquisitions through the TPG Angelo Gordon partnership, and Brisbane leasing updates when GPT next reports to the market.