 Finance on the tower had been made possible by a put option granted by BT Property Trust and the New South Wales State Superannuation Board, whereby for an estimated fee of $20 million they agreed to buy the tower upon completion for $340 million if the option was exercised.However, during construction of the tower, Perth property prices suffered a major collapse as demand for office space slumped.In August 1991, just six weeks out from completion, the building did not have a single tenant, and was regarded as one of the great white elephants of the Australian property scene.