LaSalle Investment Management, the investment unit of Jones Lang LaSalle, is looking for Australian partners to invest in property projects for its $3 billion opportunity fund, a report by Reuters reveals.

The company is reportedly in talks with private group Grocon to back the development of an A$800 million ($692 million) tower in Sydney, but Ian Mackie, the chief investment officer for the firm's Asia-Pacific operations, had declined to comment, except to say that the firm is looking to jointly invest with local developers.

LaSalle has around $700 billion worth of investments in Australia coursed through two assets, the news service said. The firm is also said to be looking at distressed assets in Japan, which for now include a large office building deal and a resort project.

A spokesperson for LaSalle Investment Management confirmed details of the report, but declined to comment further when contacted by WealthBriefingAsia.