Oceana Property Partners bought the currently vacant 8699sq m property from developer Geocon, who are also behind the city’s Republic residential project.
Close to Parliament House and the Hyatt Hotel, the West Block was built in 1928. It was home to the AEC until 2015.
Oceana Property Partner chief executive Grant Traub said the building would be restored to create a timeless A-grade commercial office asset.
“By taking a holistic approach to the workspace of the future we will create an office environment which will be irresistible to employees,” Traub said.
“The space will celebrate Australia’s rich history and deliver office accommodation suitable for workers of all types.”