Credit Suisse's real estate arm has swooped on a premium office tower in Perth's central business district that was offloaded by Terrace Properties for $64.2 million in one of the city's first major deals this year. 
The counter-cyclical purchase by Credit Suisse Real Estate Investment Management lifts its empire across Australia to over $500m and signals its confidence in resources cities.
Perth has seen a run of deals as international groups and canny local investors look past the city's office leasing woes and towards a recovery.
In the heart of Perth's premier business hub, the A-grade office tower at 190 St Georges Terrace comprises 9362sq"m of office space over 12 levels.
CBRE's Andrew Woodley-Page, along with the firm's international investments team of Mark Hansen and Rick Butler, negotiated the off-market sale. Mr Woodley-Page said strong investor demand for quality commercial assets underpinned the deal.
The building is well positioned to take advantage of developments in progress across the city, including Elizabeth Quay and the new Perth City Link.
Perth developer Fini Group and offshore-backed AAIG are planning a $500m apartment and hotel project after last month snapping up a tranche of land in Elizabeth Quay precinct for $85m.
The $3 billion City West Link urban renewal project has also been reset, with Leighton Properties, which is owned by CIMIC, bowing out of a joint--venture agreement to develop eight blocks and ceding full control to partner Mirvac Group.
Mr Hansen said buyers were targeting investments that offered attractive fundamentals, including strong covenants and proven CBD locations.
Credit Suisse last year bought Stockland's Queensland headquarters at 99 Melbourne Street for $38.75m. In 2013, it picked up the Sydney CBD office tower at 400 Kent Street for about $58m.
It earlier bought 45 St Georges Terrace in Perth from Stockland for $56m and the ATO tower in Brisbane from Grocon for $170m. It also owns a stake in a Goulburn Street complex in Sydney's CBD.
"This sale is further testament to the strength of the Australian investment market and demonstrates that sophisticated investors are actively targeting Perth, with the risk-adjusted return relative to eastern seaboard markets clearly becoming increasingly attractive," Mr Hansen said."Various groups are recognising the counter-cyclical opportunities that the Perth CBD office market affords," Mr Butler added.