The purchase of the eight-level building in Albury's town centre on the NSW-Victoria border is the Seoul-based group's second in as many months after it exchanged contracts for the ATO building in Box Hill In Melbourne's east in a deal worth $165 million.

Both assets, worth $229.8 million combined, had long-term leases in place to the ATO, a traditionally "sticky" tenant.

Property fund manager CorVal Partners, half owned by Mr Roberts, managed the transaction as a private mandate for Mr Roberts' investment vehicle RF Capital.

The Box Hill ATO office, still under construction, was sold by Cromwell Property Group which only won approval last month from investors in the fund which held the asset to sell it on a tight 6 per cent yield.

It will rise 20 levels with a net lettable area of more than 19,500 square metres and house the ATO's 1250 staff.

FG Asset Management paid a slightly higher yield of 7 per cent for the A-grade Albury office, constructed in 2012 and leased to the ATO for 15 years.

CorVal purchased it on behalf of Mr Roberts two years ago for $48 million, returning a tidy capital increase.

CorVal director Ian O'Toole said the property achieved an attractive yield and risk-adjusted return. The capital was likely to reinvested in other global opportunities, he said.

The property is the second office sold by CorVal, a famously counter-cyclical player, in the past month.

In September, it made a strong return on its Pennant Hills office building in Sydney which it sold for more than $40 million, nearly double what it was worth two years ago.

Pitt Street Real Estate Partners, controlled by Washington H. Soul Pattinson, beat off more than a dozen other parties to snare the property at 1 City View Road.

CBRE's Luke Etherington, Michael Andrews and Mark Coster handled the Albury deal.

Mr Etherington said FG Asset Management was targeting government-leased properties with long weighted average lease expiry (WALE).

"The long WALE to a AAA-rated Commonwealth government tenant was the key drawcard, with location being a secondary consideration. These buyers are attracted to long-term, secure income streams," Mr Etherington said.

The Albury building has a 10,807 square-metre lettable area, 56 car spaces and 82 bicycle spaces in the basement. There are 12.2 years remaining on the lease, with two five year options.

FG Asset Management specialises in real estate and private equity funds on behalf institutional Korean investors.