Hines Global REIT has acquired 465 Victoria, an office project in Sydney, from FKP Property Group.

The Australian investment manager is Challenger Management Services.

Located in the heart of the Chatswood Central Business District, the 15-story, 170,000-square-foot property is 97 per cent leased to 11 tenants.

465 Victoria was completed in 1995. Between 2010 and 2012, it underwent a refurbishment designed by Krikis Tayler Architects & Gray Puksand, and has an energy-efficient design. Building amenities include retail tenants, a lobby café tenant and three levels of below-grade parking with 220 spaces.

David Warneford, director of Hines in Sydney, says: "The Chatswood office market has shown excellent growth over the past 18 months, with strengthening demand and constrained supply leading to tightening vacancy rates and steady rental growth. This quality asset with strong tenancy will complement our Australian portfolio."