(Bloomberg) -- Brookfield Asset Management Inc. has become the only bidder for a landmark property in Tokyo owned by China Investment Corp., according to people familiar with the matter.

The investment firm has been in talks with CIC on a potential purchase of Meguro Gajoen, an office and banquet hall complex in Meguro, said the people, who asked not to be identified as the information is private. A deal could value the property at about 180 billion yen ($1.2 billion), the people said.

Discussions are ongoing and Brookfield and CIC could decide against proceeding with a deal, the people said. CIC could also keep the assets for longer, they added. Representatives for Brookfield and CIC declined to comment.

Meguro Gajoen in central Tokyo comprises chapels, banquet halls, restaurants and a hotel. Known for its gardens, and as a favored wedding location, the facility includes a historic 100-step stairway, and several adjacent rooms that together have been declared a cultural asset by the Tokyo Metropolitan Government. Amazon Japan is the main tenant in Meguro Gajoen’s office buildings.

CIC acquired Meguro Gajoen for about 140 billion yen in 2015 from Mori Trust Co. The sovereign wealth fund teamed up with LaSalle Investment Management for the purchase and provided the funding for the deal.

--With assistance from Zhang Dingmin and Vinicy Chan.

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