Canadian property giant Brookfield is set to sell its half stake in a 28-storey office tower on Sydney’s George Street to listed Singaporean property investment manager United Overseas Land for between $460 million and $480 million.

The proposed sale of the stake in the A-grade building at 388 George Street – the home to Cartier’s Australian flagship store – comes after two years of significant upheaval in the office market, which has sent valuations plunging.