The building has been empty for nearly six years and does not meet building standards to make it fit for occupancy.
In a statement, Otakaro said the building was assessed as meeting 45-50% of the New Building Standard (NBS). Earthquake-prone buildings are defined as those that fail to meet 34% of the current New Building Standard.
The building needs to meet 60% of NBS before it is fit for occupancy.
Otakaro wanted to hear from parties with the experience, finances and vision to purchase and redevelop the building.
Expressions of interest will be accepted until the end of April.