Industry Superannuation Property Trust is selling St Kilda Road’s prominent Clemenger BBDO House for a speculated $37.5 million.
It paid $29.6m in October, 2006.
The incoming owner is as yet unknown.
On 4645 square metres, 474 St Kilda Rd includes a low-rise office and 574-bay car park.
It could yield up to three major buildings, sources say.
Jones Lang LaSalle is representing ISPT.
Elsewhere in the area, developers have in recent years replacing rundown St Kilda Rd workplaces with residential projects.
Earlier this week, it was reported a new train station could be constructed on at the site of the Domain tram depot – five blocks from #474.