AMP Capital leads the hunt for $300m stake in Brisbane tower AMP Capital is circling the 1 William Street office tower in Brisbane, with a 50 per cent stake in the building expected to sell for about $330 million. It is understood to be "early days" with respect to AMP's interest, with sources suggesting that should a deal proceed, the building would likely be swallowed by the AMP Capital Wholesale Office Fund (AWOF). In December, Cbus Property won the right to develop the 43-level tower on Brisbane's riverfront for the Queensland government so it could centralise its operations. The state government has agreed to occupy 75 per cent of the 75,000sq m building for an initial period of 15 years, and it is understood Brisbane agents are seeking tenants for the remaining space. Work on the building is due to start in January and it is expected to be finished in 2016. While AMP had shown some early interest in the $160m AM60 office building for sale in Brisbane through CBRE, it is understood that the group was not among the final bidders competing to buy the property. The 23-storey AM60 building, at 60 Albert Street, was offered for sale by LaSalle Investment Management in April. At least four groups had also made offers on a 26-storey building at 179 Turbot Street, owned by Morris Property Group and thought to be worth about $180m. AMP's AWOF recently purchased a 50 per cent stake in the Mirvac Group's 37-storey office development at 200 George Street in the heart of Sydney for $317m, and AMP is embarking on a $1 billion-plus mixed-use redevelopment of several of its properties near Sydney's Circular Quay. The project would see AMP double the size of its existing 45-storey office tower at 50 Bridge Street, with larger floor plates of 2000sq m. Superannuation funds such as REST and AustralianSuper have been named as other possible buyers for 1 William Street, which is being marketed by Jones Lang LaSalle. AMP declined to comment and a spokesman for Cbus Property chief executive Adrian Pozzo could not be reached.