BlackRock Inc (BLK.N) said it would sell a 43-storey Singapore office tower for $2.5 billion – one of at least three office building deals in the last two months for a market gripped by worries about oversupply and rising vacancies.

The sale to Qatar Investment Authority, a sovereign wealth fund, is Singapore’s largest office transaction. It is also the largest single-tower real estate deal in Asia-Pacific, according to BlackRock, the world’s largest asset manager.

The selling price of S$2,700 ($1,980) per square foot for Asia Square Tower 1 in the city-state’s financial district, has only been outdone by deals in London and Hong Kong, according to property consultant JLL, which was one of BlackRock’s advisers on the transaction.

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