Global real estate investment management firm Heitman LLC is negotiating a roughly A$170 million off-market deal with Melbourne-based syndicator Impact Investment Group for the acquisition of the nine-level K1 office building in the suburb of Fortitude Valley in Brisbane, Australia, The Australian reported.

Located within the A$3 billion Brisbane Showgrounds precinct, the 16,600-square-meter property at 1 King St. serves as the Queensland headquarters of listed diversified property developer Lendlease Corp. Ltd. It is also home to other tenants including Ezidebit, Vita Group and Robert Bird, the publication noted.

Impact Investment, in its first play in Brisbane, purchased K1 from Lendlease for approximately A$130 million in 2015. The building is held by Impact Investment's IIG K1 Property Trust, according to the May 17 report.

Heitman did not respond to an inquiry regarding the transaction, while spokesperson for the seller, on the other hand, said Impact Investment get a lot of inquiries about its portfolio of green buildings, the report added.