Deal brewing for Straits Trading building

Amid the quiet investment sales market this quarter, a major office deal is brewing.

Advanced discussions are believed to be going on for the Straits Trading Building, a landmark 999-year leasehold office tower in Battery Road.

The price is understood to be slightly above $2,800 per sq ft based on the net lettable area of about 159,000-plus sq ft, which would translate to a transaction size of about $450 million.