Investa to sell Two CBD Offices Worth $600 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.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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