Cbus pumps much needed funds into direct property following a partnership deal with investment manager DEXUS to develop an office tower in Sydney.

Cbus Property, a wholly-owned subsidiary of industry super fund Cbus, has acquired a one-third interest and will team up with DEXUS in completing a six star office tower at 1 Bligh Street, Sydney.

Around 55 per cent of the building is already leased by lawyer firm Clayton Utz, said Victor Hoog Antink, chief executive of DEXUS.

"Cbus Property is excited to join DEXUS and DEXUS Wholesale Property Fund (DWPF) in such an iconic development that represents the next generation of Australian building design innovation," said Cbus Property chief executive Adrian Pozzo.

Pozzo added that the construction of the new tower will provide around 3,000 industry jobs over the next three years for construction workers, "many of whom will be members of the Cbus Superannuation Fund".

The new office tower will be the latest addition to Cbus Property's portfolio, which includes officer tower developments in Melbourne and Perth.

Located near Sydney's Circular Quay, the construction of 1 Bligh Street is already underway and should be completed by mid-2011. Riding on the back of the rise of ‘sustainable' properties, the new building is designed to achieve a 6 star Green Star rating and a 5 star NABERS Energy rating.

The building has already been recognised for excellence in architectural design. It won an award at the International Architecture Awards held in September last year.