Dexus Property Group has spent $504 million to take part ownership in several major Sydney office properties.

The purchases were made with the proceeds of Dexus’ recent sale of the majority of its industrial properties in the United States.

Dexus has taken a 50 per cent stake in 39 Martin Place in the Sydney’s CBD, which currently houses the Tiffany and Co jewellery store on the ground level.

It also bought a 50 per cent stake in two office blocks currently home to Commonwealth Bank in Dawn Fraser Avenue at Sydney Olympic Park.

The third property, in which Dexus has taken a 25 percent interest, is the Grosvenor Place CBD office building on George Street.