Marquette Properties has snagged a Brisbane CBD office building at a 25 per cent discount to the price it last traded for eight years ago, after it sat on the market for over 18 months.

The property fund manager has acquired 41 George Street for about $120 million, significantly lower than the $159 million forked out by the current owner Basil Property Trust, which is owned by Saudi investment firm Al Rajhi Group and managed by Singapore-based AEP Investment Management.