BUDAPEST-Chicago-based Heitman announced today that it has invested in two separate joint ventures to acquire interests in almost one million square feet of office here and in Melbourne, Australia. The company is partnering with TriGranit on a venture to own and operate the 750,000-square-foot Millennium City Center office portfolio, and has joined with Abacus Property Group to acquire an 18-story office building in Melbourne.

TriGranit developed the Millennium City Center, a mixed-use complex on 5.5 hectares that is considered one of the largest real estate developments in Central Europe. The $651 million project, started in 2000, includes the four office buildings, a theater, a museum and condominiums.

The offices are leased to tenants such as Morgan Stanley, Vodafone, Nestle and Schering Plough. Both partners in the deal said in a statement that the city has gone through a difficult time during the European economic downturn. “While the city’s property market faces challenges,” said Rob Reiskin, Heitman’s managing director and co-head of Europe, “we are confident that the combination of attractive entry pricing, transaction structure, strength of our local partner and the support provided by our lenders will help provide our clients with a strong risk-adjusted return.”