The DLA Piper real estate team has completed an AU$124 million deal for Union Investment Real Estate (Union Investment), a German-based international real estate investor and a key client of DLA Piper's global real estate practice.

Union Investment has acquired the former Australian Red Cross building at 155 Clarence Street in Sydney. The building is the city's newest A-grade office tower having undergone a major redevelopment, completed earlier this year.

The deal was led by DLA Piper's Head of Real Estate in Australia, Les Koltai, with senior associate Bhavini Sundarjee, assisted by solicitors Jennifer Tropiano and Eva Chapple, with tax senior associate Eddie Ahn and corporate solicitor Rohila Ramini.

Les Koltai said: "We're delighted to have advised Union Investment on this latest acquisition. Since their entry into the Australian real estate market last year, they have remained focused on acquiring some of the largest and highest quality commercial premises in major business centres."

This is the second major real estate investment by Union Investment in Australia, following their acquisition of the Flight Centre Travel Group headquarter development in South Bank, Brisbane in April 2014 for AU$200 million, the largest office transaction in Brisbane last year, also advised by DLA Piper.