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LaSalle Investment targets Sydney building for A$325M

LaSalle Investment Management Inc. is looking to buy a 24-story building at 323 Castlereagh St. in Sydney for approximately A$325 million, The Australian reported Oct. 3.

If it does so, the U.S. investment manager plans to capitalize on the repositioning potential of the MKH Properties-owned property, which sits on the former Hotel Sydney and Tivoli Theatre site, the report said.

The building, which also piqued the interest of fund manager Altis, is leased to tenants including AIMS Financial Group Pty. Ltd., Asia Pacific Exchange Pte. Ltd., Australian Federal Police and MKH Group. It was developed by LendLease Group in 1972 with a gross floor area of 37,500 square meters and a net office area of 26,295 square meters.

Neither LaSalle Investment nor Knight Frank, which is handling the off-market deal for the property, commented on the report.