Arbuthnot Latham & Co has bought the freehold interest in 7-21 Wilson Street, EC2, for £15.7m, reflecting a 10% yield.
The 38,000 sq ft block will become a new head office to Arbuthnot Banking Group, Arbuthnot Latham & Co and the London offices of Secure Trust Bank.
Simmons & Simmons currently occupies the office, which was sold by a private investment company, on a lease which is due to expire in December 2013. The firm pays a rent of £1.65m a year.
AL&C will refurbish and fit out the building when the lease expires.
It has a lease break in 2015 on its existing premises at 20 Ropemaker Street, EC2, where it occupies the entire 40,000 sq ft building.
Savills and Cortex Partners advised ALC; Cyril Leonard advised the seller.
jack.sidders@estatesgazette.com
