Precinct Properties is buying the HSBC office tower at 1 Queen St in Auckland for $103 million.
The waterfront building adjoins the Downtown Shopping Centre which Precinct recently acquired and is next to Zurich House, PwC Tower and AMP Centre - all owned by Precinct.
Chief executive Scott Pritchard says the deal consolidates the company's Auckland footprint, and gives it flexibility on its options for the Downtown centre.
He says the company's ambition is to create a world-class heart for Auckland's city centre.
The price represents an initial yield of 7.7%.