Property group Hawaiian has swapped its Durack Centre office building in Perth's CBD for Stockland's 50 Pitt Street office tower in central Sydney.
The two companies said the transaction was part of a rebalancing of their portfolios.
Stockland said the 17,367 square metre Durack Centre was purchased for $49.1 million at an initial yield of 7.25 per cent.
It said the swap was consistent with its strategy of increasing its exposure to the Perth commercial office market, which has one of the lowest vacancy rates in the country.
Stockland already owned 50 per cent of the premium grade Exchange Plaza building.
Hawaiian said the swap was an opportunity to diversify its holdings.
It plans to refurbish 50 Pitt Street, which is largely vacant.
Hawaiian paid $55 million for the 15-level building, which equated to $5,500 per square metre.
