Fortius and funds managed by BlackRock together bought the A-grade tower in the heart of the Golden Triangle in Brisbane in 2015 for A$81.5m. The acquisition of the asset presented the owners with an opportunity to reinvest in the building, activate the ground floor retail precinct and reposition the lease profile.

The Charlotte Street tower has a net lettable area of 13,291m2 and stands 16 storeys. Anchor tenant, resources company Anglo-American Metallurgical Coal, recently extended the bulk of its space until 2028.

MinterEllison advised on all aspects of the building's acquisition, redevelopment and leasing. Since Fortius and the funds managed by BlackRock acquired the property in 2015, MinterEllison has provided the owners with a tailored and comprehensive whole-of-asset legal service offering.

"Fortius and BlackRock have worked tirelessly and strategically to add significant capital value to the property, and this has resulted in an attractive return to its investors and mandate clients within a 4-5 year investment window which is a terrific outcome," said Adrian Rich, MinterEllison's lead Partner. "We were pleased to be able to provide our clients with an integrated 'one stop shop' for legal services during their ownership of the asset."

"A number of recent transactions we have acted on in Brisbane's commercial, retail and industrial sectors, like the A$162 million sale of The Barracks on Caxton Street, tell us that the market is heating up," Mr Rich said. "We congratulate Fortius and the funds managed by BlackRock on the sale and look forward to working alongside their teams again."

Fortius is a privately owned Australian investment management group focused on the management of real estate assets and portfolios for superannuation funds, offshore and onshore institutions and high net worth individuals.

BlackRock is a fiduciary to investors and a leading provider of financial solutions and technology to help investors plan for their most important financial goals. As at 31 March 2019, BlackRock managed approximately US$6.52 trillion in assets on behalf of investors worldwide.

The MinterEllison team was led by Adrian Rich (Partner) and Euon Williams (Senior Associate). Other team members included Antra Hood (Partner), Hannah Riggs (Senior Associate), Ruth Sainsbury (Associate), lawyers Erika-Jane Baigent, Lachlan Pramberg and Rosemary O'Shea, and graduate Samantha Byrne.