PRIVATE investment group Nikos Property Group is believed to be making its second foray into the St Kilda Road office market.

Sources say the group is in advanced negotiations to buy the 549 St Kilda Road office for $21 million.

The building is being offloaded by Chartis, whose predecessor, American Home Assurance Company, paid $28 million in 1987.

Chartis is relocating its offices to Docklands.

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