Cromwell Property Group has sold its remaining stake in an A-grade office complex in Sydney’s Chatswood to its co-owner, global funds giant BlackRock, in an effort to reduce debt and bolster its balance sheet.

The stake was sold for $87 million, a figure which roughly matches the amount of associated debt that BlackRock – the world’s largest asset management firm – has agreed to take on as part of the deal. The sale price is at 9 per cent discount to the property’s most recent valuation.