Jul 30, 2026 – 1.28pmHard-pressed property giant Dexus has sold off a Brisbane tower for $700 million, taking its office sector divestments past $1.4 billion this week alone as it battles to bolster its funds management and real estate investment business.In the latest deal, it has sold 480 Queen Street to US fund manager Barings at a 4 per cent discount on the book value recorded at the end of last year. The 32-level tower and its near 57,000 square metres of commercial space was held jointly on the Dexus balance and in its flagship fund, the Dexus Wholesale Property Fund.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Dexus discards $700m Brisbane office block, its fourth sale this week
Led by Ross Du Vernet, the property giant has been trying to revive its fortunes after setbacks, including a high-profile legal battle with Melbourne airports.
TL;DRAI
Dexus sold 480 Queen Street Brisbane to Barings for $700m, fourth office sale this week; $1.4B+ divested total. Accelerated office liquidation signals structural weakness in real estate—reshaping assumptions on enterprise facilities and remote work strategy.
122 words~1 min read
