A new investment partnership between Precinct Properties and PAG has been formed for the landmark PwC Tower at Auckland’s Commercial Bay precinct in a transaction brokered by Colliers.
The partnership will acquire the asset for a headline price of $600 million, representing the largest single-asset deal in the Auckland CBD office market. Precinct will retain a 50 per cent interest in the asset alongside PAG.
Standing at 180m tall, the tower is one of the tallest and most recognisable buildings in the Auckland skyline and forms a key part of Precinct’s flagship Commercial Bay development, which has helped redefine the CBD as a mixed-use destination.
Completed in 2020 and occupying two full waterfront blocks, Commercial Bay is strategically positioned at the heart of Auckland’s transport network and vibrant waterfront amenities.
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Winner of multiple awards, including the Supreme Award from the Property Council of New Zealand, the asset has set a benchmark for design, sustainability, and workplace experience in New Zealand’s office sector, holding a 5-star Green Star rating (as built) and a 4-star NABERSNZ rating (base build).
Scott Pritchard, CEO of Precinct Properties, says the transaction reflects the quality of the asset and is consistent with Precinct’s strategy.
“PwC Tower is regarded as one of the best premium assets in Auckland, anchoring the Commercial Bay precinct. We are pleased to be partnering with PAG once again, and to be executing on our strategy of growing these partnerships,” Pritchard says.
Richard Kirke, Managing Director of Agency at Colliers, who brokered the transaction, says the sale highlights both the calibre of the asset and the depth of global capital targeting premium office product.
“This transaction is an endorsement of Precinct’s ability to deliver and manage world-class assets, with New Zealand’s most valuable office tower attracting highly discerning global capital,” Kirke says.
“PAG’s latest investment in Auckland’s CBD office market signals confidence in both the New Zealand economy and the outlook for the office sector, particularly given the breadth of global opportunities available to them.”
The deal underscores continued investor demand for high-quality office assets in prime CBD locations, particularly those that combine scale and quality.
- Supplied by Colliers
