Canberra's biggest commercial office sales of 2022, including Geoscience and two ATO offices

An estimated $1.5 billion worth of office property changed hands over the year, Matthew Winter, director of capital markets and investment services at Colliers, said.

"That was the result of the capital allocated in 2021 and obviously what was happening across national markets but it was definitely underpinned by a couple of outstanding institutional-grade sales," he said.

The results eclipsed the previous record set in 2021 when an estimated $1.4 billion worth of office assets were transacted.

Canberra's commercial sale price record was broken in 2022 when the Geoscience headquarters in Symonston officially changed hands for $363.5 million.

Property investment group Charter Hall purchased the building from German investment firm Real I.S. Australia.

The deal was around eight months in the making, with the property first listed for sale in February.

The sale surpassed the previous record, also set by Charter Hall when the firm bought 50 Marcus Clarke Street for $335 million in a joint venture.

Charter Hall was also behind the second biggest transaction of 2022, purchasing the yet-to-be-built Australian Tax Office headquarters in Barton.

The fund acquired the five-storey office proposed for Sydney Avenue from Doma and Kenyon Investments for a sum of about $300 million.

The sale was subject to final approvals in December.

As part of the deal Charter Hall will provide finance for the design and construction and will take ownership upon completion.

It came after The Canberra Times exclusively revealed the Taxation Office had signed a 15-year lease for the new building, at a cost of $323.4 million. Staff will move from the existing Civic office in 2025.

Prior to the news of the Taxation Office's impending move, the agency's Civic office on Genge Street was listed for sale.

Contracts have now exchanged on the property pending approvals, according to market sources.

The sale price is said to be in the vicinity of $290 million.

Charter Hall was understood to be conducting due diligence on the property in September.

The current owner of the building, Real I.S. Australia, paid $204.5 million for the property in 2009, CoreLogic records show.

In a bid to "ease the financial strain" on the business, Terry Snow's Capital Property Group sold off part of its Constitution Place development in 2022 for an eye-watering price.

Investa Commercial Property Fund, an office fund for institutional investors, purchased the five-storey building on London Circuit for about $275 million, market sources confirmed at the time.

The 22,300-square-metre office building is predominantly leased to the ACT government until 2041.

Canberra developer Molonglo sold its Civic office building to a Brisbane investment management firm in 2022.

Annual reports show City of Brisbane Investment Corporation paid $74.6 million for the office, including $3.3 million in transaction costs.

The Allara Street property houses a mix of government, corporate and hospitality tenants across its eight storeys.

Molongo purchased the asset for $29 million in 2015 and had refurbished the building in that time.

Private equity firm Quintessential Equity had a major windfall in 2022, after selling a Barton office for $41 million.

Following a major refurbishment, the Brisbane Avenue office was sold to Melbourne-based financial company IOOF Investment Services Limited, part of the Insignia Financial Group of companies, in June.

Tenants at the time included the Australian Medical Association, Spirit Super and BAE Systems.

Quintessential Equity purchased the block for $16.5 million from the Motor Trades Association of Australia in 2017 when the offices were 40 per cent vacant.

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