AsheMorgan is seeking a Sydney city centre office and shop investment for roughly $200 million, less than the vendor outlayed nearly nine years ago.

MEC Global Partners Asia, part of Japan’s Mitsubishi Estate group, and CLSA Real Estate held 130 Pitt Street through their PA Realty joint venture.

The Singapore-based partnership (CLSA is Hong Kong-based) paid Investa $229 million in December 2017.

They then spent $13 million on a refurbishment completed in 2022, featuring a new façade, upgraded ground-floor retail areas, lobby, lifts, and end-of-trip facilities.

MEC Global also has two Melbourne offices for sale: 575 Bourke St and 850 Collins St, both marketed by Cushman & Wakefield Leigh Melbourne agents Nick Rathgeber, Mark Hansen, Morgan Briscoe, and Lloyd Crozier.

These offices were also acquired in 2017.

130 Pitt St offers 9,829 square metres of A-grade office space across 13 upper levels.

Including the basement, ground, and first-level retail spaces occupied by Adidas’ flagship store, the total net lettable area is 11,214 sqm.

Adidas occupies about 1,131 sqm, contributing roughly a third of the gross income.

Office tenants have included BigCommerce, Australian Ethical Investments, and OnDeck Capital.

Approximately 1,600 sqm of fit-out space is available for lease, including the top floors 15 and 16.

Located between Pitt Street Mall and Martin Place, the site spans 976 sqm, with natural light on three sides.

The selling agents were Cushman & Wakefield’s Josh Cullen and Mark Hansen, along with Savills’ Ben Schubert, Seb Turnbull, and Neil Brookes.

Founded in 1981, AsheMorgan manages over $5 billion in commercial property investments across Australia, spanning office, retail, industrial, and mixed-use assets.

Their Sydney portfolio includes 60 Margaret St and the adjacent MetCentre, acquired with Mitsubishi Estate from Mirvac and Blackstone in 2023 for about $820 million.

In the same city, AsheMorgan purchased a 50% stake in 309–321 Kent Street in April 2022 for $401 million, later buying the remaining share from Dexus in March 2025 for about $290 million.

These two adjoining office buildings total 47,650 sqm of office space.

AsheMorgan also acquired Homemaker Prospect from Dexus in 2022 for $78.9 million.

Additionally, they purchased Perth’s Joondalup Gate for $79.1 million and two industrial properties from Centuria: 40 Decco Drive, Campbellfield for $33.5 million, and 45 Hume Drive, Bundamba for $20.5 million.