Abacus Frontrunner For 343 George Street

THE ABACUS Property Group is believed to be in advanced negotiations to Sydney's 343 George Street office building.

Following a $24.4 million cash injection by South African businessman Nathan Kirsh earlier this year, the fund manager is believed to be paying more than $50 million for the office, which was last valued at $56.4 million in September last year.

The property is being offloaded by Dexus Property Group, which uses the building as its Australian headquarters.

Abacus is also believed to be the mystery buyer paying $54 million for Orchard Funds Management's 350 Collins Street office building, in Melbourne. Fund manager  Tom Hardwick told the AFR: "We are being cautious with our capacity, but if we found an acquisition that was a really good deal for us to do, we would do it."