Brisbane-based fund manager Exceed Capital is going where others fear to tread: investing in the struggling office market and buying assets that ASX-listed real estate investment trusts are only too happy to sell.

Led by Vaughan Hayne and Justin Clarke, Exceed has bought three office buildings in three years, the latest being a three-storey property in Toowong in inner Brisbane, which it purchased from ASX-listed Centuria for $37 million.