GPT Group (ASX:GPT) has expanded its exposure to Brisbane’s office market through the AUD 380 million Acquisition of 66 Eagle Street by its sector-agnostic value-add partnership.

The 23-level A-grade office building is located in Brisbane CBD’s Golden Triangle precinct, where GPT already owns and manages other major office assets. The transaction expands the Partnership into the office sector after earlier investments in student accommodation and logistics development.

Brisbane Acquisition

The value-add partnership has agreed to acquire 66 Eagle Street for AUD 380 million plus transaction costs.

The property contains approximately 32,000 square metres of net lettable office space across 23 levels.

It is approximately 95.5% leased and has a weighted average Lease expiry of about 3.8 years.

GPT will provide Investment management, leasing and property management services for the asset.

Financial close is targeted for November 2026 and remains subject to Foreign Investment Review Board approval.

Value-Add Partnership

The transaction has been undertaken through GPT Group’s sector-agnostic value-add partnership, which was established in early 2026.

Including the Brisbane acquisition, the partnership has deployed more than AUD 500 million in gross asset value across student accommodation, logistics development and office property.

The acquisition will be funded through partnership Equity and non-recourse debt.

GPT has increasingly used Capital partnerships as part of its investment-management strategy, allowing the Group to manage Assets and provide property services alongside external capital.

The Brisbane transaction adds an established office property to that platform.

Golden Triangle Presence

The acquisition expands GPT Group’s (ASX:GPT) existing presence in Brisbane’s Golden Triangle.

GPT already owns and manages 111 Eagle Street and Riverside Centre within the precinct.

The addition of 66 Eagle Street increases the number of office properties managed by GPT in the immediate area and allows the Group to apply its existing leasing and property-management operations to the newly acquired building.

GPT has identified the Golden Triangle as one of its preferred office sub-markets.

Asset Profile

The building is an established A-grade office property with a diversified occupier base.

At the time of the transaction, approximately 95.5% of the available space was leased.

The weighted average lease expiry of 3.8 years provides a measure of the remaining average term of leases across the property.

GPT has also identified some existing leases as being below prevailing market rental levels.

The company stated that the AUD 380 million acquisition price represented a significant discount to the estimated replacement cost of constructing a comparable property.

These factors form part of GPT’s stated rationale for the acquisition.

Brisbane Office Market

The transaction follows changes in office leasing conditions across Brisbane during the first half of 2026.

Brisbane CBD office vacancy fell to 10.2% in July 2026, down 1.6 percentage points from the January level.

The market recorded net absorption of 38,785 square metres during the first six months of 2026, the highest among Australia’s capital-city office markets over the period.

Net absorption measures the change in occupied office space and can indicate whether businesses are increasing or reducing their overall use of office accommodation.

The national office vacancy rate, covering CBD and non-CBD markets, increased from 15.8% to 16.1% during the same six-month period.

National CBD vacancy remained comparatively stable at 14.9%.

GPT Office Platform

Office property remains one of GPT Group’s major real estate sectors alongside retail, logistics and student accommodation.

The Group owns assets directly while also managing properties and investments on behalf of capital partners.

GPT’s broader strategy has included increasing the contribution from investment management and expanding partnerships through which external investors provide capital alongside the Group.

The 66 Eagle Street transaction extends that model to another Brisbane CBD office property.

GPT will retain responsibility for investment management, leasing and property management after the acquisition closes.

Transaction Status

The acquisition remains subject to Foreign Investment Review Board approval, with financial close targeted for November 2026.

Following completion, 66 Eagle Street will become part of the portfolio managed through GPT’s value-add partnership.

The property will add approximately 32,000 square metres of office accommodation to the partnership and increase its total deployment to more than AUD 500 million since its establishment.

The transaction also expands GPT Group’s (ASX:GPT) existing office management presence within Brisbane’s Golden Triangle precinct.