It is understood that the building that once housed the iconic Clerys department store on Dublin's O'Connell Street has been acquired by a group of investors led by Europa Capital.
The deal is reported to be worth in excess of €60 million.
Europa Capital describes itself as a real estate fund manager focused on European markets.
It is part of the Rockefeller Group International, which was acquired by Japan's Mitsubishi Estate in the late 1990s.
The group is acquiring the property from the Natrium consortium.
The group, led by businesswoman Deirdre Foley, hit the headlines in mid-2015 when it bought Clerys for €29m under controversial circumstances that led to the loss of hundreds of jobs.
Natrium got planning permission in recent years to develop the site for retail, office space, entertainment and leisure facilities, as well as the development of a boutique hotel.