Japanese Group Acquires Melbourne Office Building

The real estate division of Nippon Telegraph and Telephone purchased 200 Victoria St., one of the city’s highest-ranked sustainable properties.
200 Victoria St. Image courtesy of NTT Urban Development

One of Melbourne’s most sustainable office buildings has changed hands. NTT Urban Development Corp. has acquired 200 Victoria St. in Melbourne, Australia. The real estate division of Nippon Telegraph and Telephone acquired a 100 percent freehold equity interest in the office asset through its Australian subsidiary, UD Australia Pty Ltd.

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Located in downtown Melbourne, the seven-story office property offers 7,912 square meters, or approximately 85,000 square feet, of leasable space. 200 Victoria was originally built in 1971 and underwent a major renovation in 2009. The building also achieved a 6 Star Green Star NABERS rating, a system similar to the LEED certification that measures the environmental performance of Australian buildings. With a zero-to-six scale, 200 Victoria’s six-star rating makes it one of Melbourne’s highest-ranked sustainable buildings.

Situated at the northern edge of Melbourne’s central business district, 200 Victoria is between RMIT University and University of Melbourne. The office building is also near the Queen Victoria tram stop and within walking distance to the new State Library metro station that’s currently under construction.

Melbourne’s innovation district

The office building is part of the Melbourne Innovation District that was formed in 2017 as a partnership of the City of Melbourne, RMIT University and the University of Melbourne to create a hub for the city’s medical and educational institutions, as well as startups and other industry businesses.

The Melbourne Innovation District is meant to better accommodate the city’s growing population. Work has begun on several infrastructure projects that redevelop underused properties and better connect the district.