GPT secures $400m tower stake GPT Group is believed to have triumphed over Dexus Property Group and Industry Superannuation Property Trust to buy a 50 per cent stake in the 1 William Street office tower in Brisbane, which Cbus Property is developing for the Queensland government. The property stake will probably sell for about $400 million at a yield of 6.25 per cent. A decision is expected this week. Initially, AMP Capital had been competing to buy the building along with the Canadian Pension Plan Investment Board, Charter Hall, LaSalle Investment Management, Singapore Investment Corporation and Malaysia's Permodalan Nasional Berhad. However, Dexus Property Group, ISPT and GPT were later shortlisted to purchase a stake in the project, although it is understood Dexus is no longer in the running. Jones Lang LaSalle is marketing the project for sale but yesterday was not available for comment. Dexus and GPT declined to comment, while ISPT could not be reached. Cbus Property won the right to develop the 43-level tower on Brisbane's riverfront in December. The state government is centralising its operations and has agreed to occupy 75 per cent of the 75,000sq m building for an initial period of 15 years when it is finished in 2016. The move by GPT chief executive Michael Cameron to bid for the building comes after the diversified property player's failed $3 billion play for Australand Property Group's office and industrial assets. It also follows the launch of its new suburban office market fund, and speculation that the group had made unsuccessful attempts to secure the management of Australian Prime Property Fund Office from Lend Lease's investment arm. Since the GPT approaches, it is understood that Lend Lease boss Steve McCann has tipped $200m from the company's balance sheet into the fund to satisfy investors.