Investa to sell Two CBD Offices Worth $600 Million

UNLISTED property giant Investa has put up for sale two more CBD office buildings for sale, one in each of Sydney and Melbourne.

In Sydney, the group will sell a 32-level office building at 312 - 322 Pitt Street. The 29,159 square metre, A-grade building includes 29 levels of offices, ground floor retail and a shared loading dock with a neighbouring building.

The Pitt Street building is expected to sell for about $200 million.

In Melbourne, Invesa will offload the 242 Exhibition Street tower, which has been the long time home of telecommunications giant Telstra.

The 47-level, A-grade building on the north-east corner of Lonsdale Street, is expected to sell for about $400 million.

Investa tried to offload both properties in 2007, as part of a $1.3 sell off of commercial property assets, that also included in Melbourne the 469 La Trobe Street office building.

Two weeks ago, it was reported a private investor, speculated to be Clemence Lee, is in advanced due diligence to buy Investa's Wool House building at 369 Royal Parade in Parkville, and an office in Dandenong.