AustralianSuper has bought a 49% stake in a Boston office asset from Brookfield Property Partners.

The deal puts Australia’s largest superannuation fund, with AUD84bn (€60bn) in assets under management, in a joint venture partnership with Brookfield.

The pension scheme said the deal valued the asset, at 75 State Street, at $605m.

Jack McGougan, head of property at AustralianSuper, said it was attracted to the property as a result of its “strong tenancy profile and prime location in one of the leading cities in the US”.

Brookfield will continue to asset manage the 841,000 sq ft building, which is 98% let.

Ric Clark, chief executive at Brookfield Property Group, said the company continued to see “healthy demand” from investment partners for core, stabilised office properties in gateway markets.

Clark said the sale was part of its capital recycling initiative.

For AustralianSuper, the deal follows its first direct investment in March in the London property market.

The investor agreed to buy one-quarter of the 67-acre city-centre King’s Cross development.