LaSalle Investment Management, real estate investment arm of U.S.-based rival Jones Lang LaSalle Inc., has purchased an office portfolio in Munich for its pan-European core real estate fund.

LaSalle Investment paid 169 million euros ($194.8 million) for the office building.

AXA Investment Managers - Real Assets, unit of Paris-based investment firm AXA Investment, divested the ElseBella portfolio.

The acquired property includes two buildings encompassing 25,000 square meters of space in Westend district and the Bella, with seven-storey building in Arabellapark in Munich.