Industry insiders expect TIAA-CREF and SITQ, the same team of buyers that recently won the bid for Boston’s 33 Arch St., to purchase 53 State St. for approximately $605 million.

The property contains about 1.1 million square feet of office space, although it has between 250,000 and 300,000 square feet of low-rise space sitting vacant, according to sources. The building is expected to trade hands for $550 per square foot, according to sources that wished to stay anonymous.

While one source said owner Brookfield Office Properties may want to remain as part owner in the deal, TIAA-CREF usually likes partnering with SITQ, a Canadian pension-fund manager, in such large deals. The two already own One Boston Place together. Another source said if TIAA-CREF is involved in the purchase, SITQ likely will be as well.

Brookfield became the sole owner of 53 and 75 State St., known as Exchange Place, in 2008 when it acquired the minority interest in the two Downtown Boston office towers in which it owned a 51 percent interest. Brookfield Properties acquired the 49 percent stake in 53 and 75 State St. from RREEF for $477 million, or $511 per square foot.