Australian real estate developer Milligan Group has agreed to divest 21 Harris Street, a 203,400 square foot commercial project in the Sydney technology hub of Pyrmont.
Milligan Group will sell the commercial property, which is already 91.2 percent leased, to Singaporean real estate investment trust Suntec REIT for A$297 million ($208 million).
Suntec REIT will buy the project, scheduled for completion in the first quarter of 2020, with the acquisition price equating to $1,026.02 per square foot of net lettable area.
On completion of the transaction, Suntec REIT will own stakes in approximately 2.36 million square feet of commercial space in Australia.