BRITISH fund manager New Star has sold its Customs House office building in the Melbourne CBD at a 30 per cent less loss to the price it agreed to pay last March.

New Star will make "close to $50 million" from the sale of the 18-level office building at 414 La Trobe Street - far less than the $67 million it paid Investa for the renovated 19-year old tower, last year.

The transaction is the latest in a string of major Melbourne CBD office sales this year, including 303 Collins Street, 350 Collins Street, 473 Bourke Street, 120 Harbour Esplanade (Docklands), and a half share in 1 Spring Street.

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