SYDNEY's landmark Aurora Place office building has been listed for sale and is expected to sell for about $700 million.

The 41-level tower, built in 2001 on a former State Office Block at 88 Phillip Street, is owned by the Commonwealth Property Investment Trust, a Colonial First State wholesale fund. The largest tenants in the premium quality, 49,730 square metre building include the Royal Bank of Scotland, which also leases naming rights, and Minter Ellison.

The building was sold to CPIT by developers Lend Lease and its partner East Asia Property Group for $485 million in February 2001.