ESR Sells Brisbane Office Tower to Quintessential for $57M in Latest Cut-Price Exit
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $13.9B across 71 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
External link. Real Estate Trail does not republish source content.
Related coverage — Office
News | KBS sells Austin office tower amid market recovery
Vintage San Francisco Office Properties Trade Hands
Seven Equity Group acquired 875 and 899 Howard, a two-building office property totaling roughly 280,000 square feet in downtown San Francisco, for $65.5 million. Commercial Search reports that Genesis Capital Group or…
Investor Duo Obtains $270M Refi on 387K-SF Culver City Office Property
Blackstone and LBA Realty are ready to close on a $270 million CMBS refinancing for One Culver, an 8-story office building in Culver City, a town teeming with prominent companies. The 378,377-square-foot office proper…
Hedge Fund Takes Top Floors at Related Cos. Skyscraper
Manhattan hedge fund manager Castle Hook Partners has agreed to lease the entire top two floors of 625 Madison Ave., the 53-story office tower being developed by Related Cos. in Midtown East, according to city propert…
Newmark Arranges $98M Sale of Medical Campus in Fairfax
Newmark arranged the $97.5 million sale of the Willow Oaks Medical Campus, a 382,850-square-foot, two-building portfolio of medical office buildings located at 8260 and 8280 Willow Oaks Corporate Drive in Fairfax, Vir…
Chelsea Warehouse to be Redeveloped into Office Building
Jamison Commercial RE and Cahn Family Associates LLC are redeveloping a six-story warehouse and textile building in Manhattan’s West Chelsea Arts District into a boutique office property. Owned and occupied by the Cah…