Orchard Street Investment Management has bought 26 Red Lion Square, WC1, from Legal & General Property for £85.1m – a 5.09% yield.
The 104,200 sq ft property was developed by Stanhope Kajima Developments in 1989 but has recently undergone a major refurbishment.
It is fully let to tenants including Cable & Wireless, Group M, Haysmacintyre and TSL Education.
L&G bought the building for around £57m in 2010.
Savills acted for L&G; Cushman & Wakefield represented Orchard Street.
Orchard Street partner Gary Felce said: “This is a high-quality multilet office property located in a core market which we believe is set for further growth, supported by the proliferation of businesses moving to Midtown and the forthcoming Crossrail station which will be opening just a short walk away at Tottenham Court Road.”
