One of the latest is by LaSalle Investment Management, which has raised $91.9 million through the sale of the office at 19 Harris Street, known as Nokia House, in Pyrmont.

The seven-storey A grade office was sold on behalf of the LaSalle Asia Opportunity Fund IV to a client of UBS Grocon.

The LaSalle fund bought the asset in December 2014, as part of a six-asset portfolio transaction from Lend Lease.

LaSalle regional director of asset management Simon Howard said the fund was pleased to have generated such strong returns on this investment over a relatively short period of time.

Mr Howard said the fund was the fourth in a series of opportunity funds launched by LaSalle for the Asia Pacific region, focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea.

Overall, LaSalle, which has been active in the Australian market for many years, currently manages US$7 billion in real estate assets in the Asia Pacific region. The sale was brokered by James Quigley of Colliers International.

The sale comes as the German property group Union Investment Real Estate, advised by Eureka Funds Management, is said to be the front runner for the former Australian Red Cross building at 155 Clarence Street in Sydney.

Price expectations are said to be between $135 million to $140 million.

According to JP Morgan's Richard Jones, aside from the $7 billion Investa Office Fund portfolio, other assets that are potential sales include the Mid City Centre, Sydney retail component and possibly the office, at 420 George Street, jointly owned by Fortius Funds Management and the Lend Lease associate the Australian Prime Property Fund.

The retail component is valued at about $325 million, but it is said no agents have been appointed.