Resolution Property has swooped back in to purchase the Triton Court office complex in the City of London, EC2, ending more than two years of speculation over the site.
The fund manager is understood to have exchanged contracts for the 210,000 sq ft building last night after agreeing terms with lender HSH Nordbank and paying £43m.
Resolution’s success comes at the second time of asking, and brings to an end a dramatic back and forth between rival bidders.
It originally put Triton Court under offer in November 2011 for around £42m but talks broke down in February this year.
Entrepreneur and philanthropist Jack Petchey immediately put the building back under offer following the collapse.
But that deal also broke down last month, leaving the door open for Resolution to come back to the negotiating table two years after first eyeing up the building.
Petchey’s Incorporated Holdings originally bought the site – together with Glenn Maud’s Propinvest – in 2007 for around £120m.
The scheme was placed in receivership in the summer of 2010.
Savills were appointed LPA receivers to Triton Court by lender HSH Nordbank in June 2010 following a default on the loan secured against it, as well as a fall in the value of the block.
At one stage, HSH had also considered a partnership with Great Portland Estates to redevelop the site, but no agreement was reached.
Resolution will redevelop the vacant Finsbury Square site into a media and technology hub to provide loft office space as it looks to capitalise on strong TMT demand in nearby Shoreditch.
Triton Court features one of the largest atriums in the City, and Resolution plans to use the space for events.
Allsop advised Resolution; Savills advised HSH.
jack.sidders@estatesgazette.com
