Friday, 16 November 2007

IBM's headquarters sold for $92.5 million

Westpac Office Trust has bought IBM's headquarters, in West Pennant Hills, for $92.5 million, from a private syndicate which purchased it for about $78 million in 1993. The complex of seven interconnected buildings, spanning 34,080 square metres, was built in 1984 and was one of Australia's first campus-style corporate facilities, according to "The Australian Financial Review". IBM recently committed to a new 6.8-year lease . The 26-hectare site could sustain more development. The Westpac Office Trust also owns the Woolworths Support Office complex built at Norwest Business Park for an estimated $250 million.