The $1.4b office tower deal Sydney is waiting for

Australian fund manager Investa is on track to strike a market-defining deal with US giant Blackstone within weeks, taking control of a $1.4 billion stake in Grosvenor Place, one of Sydney’s best-known office towers.

If completed as expected next month, the mega-deal will be the strongest sign yet of a rebound emerging in the nation’s office market, the hardest-hit area in commercial real estate during the period of high interest rates.