AsheMorgan eyes 130 Pitt Street, Sydney, at about A$200m
AsheMorgan is reported to be targeting 130 Pitt Street, Sydney CBD, for about A$200m, below the A$229m the vendor paid in December 2017.
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AsheMorgan is targeting 130 Pitt Street, a Sydney CBD office and retail building, for about A$200 million, according to a report by Real Estate Source published on 5 November 2026. The report says that is below the price the current vendor paid almost nine years ago.
Why it matters
The vendor is the PA Realty joint venture between MEC Global Partners Asia, part of the Mitsubishi Estate group, and CLSA Real Estate, according to Real Estate Source. If the deal lands near the reported figure, the venture would sell for less than it paid, even after a refurbishment programme. For Sydney agents and CBD investors, it puts a price marker on a refurbished prime-grade tower sold below its 2017 cost.
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Real Estate Source reports the venture bought the building from Investa for A$229 million in December 2017 and later spent A$13 million on works completed in 2022. Those works covered a new facade, upgraded ground-floor retail, the lobby, lifts and end-of-trip facilities.
The numbers
The building has 11,214 sqm of net lettable area across office and retail, per the report. That includes 9,829 sqm of A-grade office over 13 upper levels. The site is 976 sqm and sits between Pitt Street Mall and Martin Place.
Adidas holds a flagship store of about 1,131 sqm, which the report says contributes roughly a third of gross income. About 1,600 sqm of fit-out space is available to lease, including levels 15 and 16. Real Estate Source lists BigCommerce, Australian Ethical Investments and OnDeck Capital as former office occupiers.
On the report’s figures, the target price sits below the 2017 purchase price of A$229 million, before counting the A$13 million spent on the refurbishment.
What’s next
The report describes AsheMorgan as targeting the building, not as having exchanged contracts. The report gives a target price, not a settled one.
Real Estate Source also notes that MEC is selling two Melbourne offices, 575 Bourke Street and 850 Collins Street, both bought in 2017, with Cushman & Wakefield Leigh Melbourne marketing them.
AsheMorgan was established in 1981 and manages more than A$5 billion in commercial property, the report says. Its recent deals include a 50 per cent interest in 309-321 Kent Street for A$401 million in April 2022, followed by the balance from Dexus in March 2025 for about A$290 million.
Related: David Jones in administration: Sydney flagship lease in focus
Source: Real Estate Source. Reporting by The Australian Developer.
Quick answers
Did AsheMorgan eye 130 Pitt Street in Sydney?
AsheMorgan is reported to be targeting 130 Pitt Street, Sydney CBD, for about A$200m, below the A$229m the vendor paid in December 2017.
What are the key numbers in this story?
target price: A$200m; 2017 purchase: A$229m; lettable area: 11,214 sqm.
Where does this information come from?
This story cites Real Estate Source. Every source is linked on the page.
Sources
Also reported by
- Real Estate SourceAsheMorgan eyes renovated Sydney tower at discount
Filed by the AusDev Sydney Desk. How we report.