LaSalle Investment Management has added to the property portfolio within its LaSalle Australia Core Plus Fund.
The company announced it had acquired the Melbourne property 555 Lonsdale Street for $57.5 million.
It described the property as being a 16-storey A-Grade commercial office building located in the heart of the Melbourne CBD with 16,176 square metres of net lettable area, including a small retail component, and 76 car parking bays.
Commenting on the acquisition, fund manager Simone Dalley said it was in line with the fund's strategy of achieving above-benchmark returns by investing in properties which exhibited strong underlying real estate fundamentals in metropolitan markets.
"This is a good opportunity to buy a quality commercial building in Melbourne, which we believe is currently entering a cyclical downturn with expected recovery in the next two years," she said.
