Sydney’s tallest tower to test battered office market

Japanese investment giant Mitsubishi Estate Asia has put its 30 per cent stake in Sydney’s Salesforce Tower up for grabs, in a high-profile, $600 million test for the nation’s battered office market.

A sale at that price would value Sydney’s tallest tower at $2 billion, roughly a 10 per cent discount to what it was worth two years ago. The Japanese fund may even be willing to trade out on offers below that pricing, according to market sources.