The Sydney Metro Martin Place Integrated Station Development brings together the new Martin Place Metro Station with two commercial towers, at 1 Elizabeth Street and 39 Martin Place, a retail and dining precinct and seamless integration with the existing heavy rail station at Martin Place. Delivered by Macquarie Group, the development enhances connectivity and commercial activity in Sydney’s CBD. In mid-2024, 39 Martin Place was sold to a joint venture between Investa Commercial Property Fund and Manulife Financial Corporation, underpinned by a Development Agreement to complete the delivery of the asset. Upon completion of the transaction, the joint venture secured the title to 30,000 square metres of office space and 1,000 square metres of above-ground retail, alongside the NSW Government’s grant of a 99-year leasehold over the retail space.
The Judging Panel commended Macquarie Capital for successfully structuring a highly complex transaction amid development risk and broader market uncertainty. The Panel highlighted the securing of a long-term, structured Development Agreement and Macquarie Capital’s management of delivery risk, while enabling the purchaser early influence over the leasing strategy to support commercial outcomes.