TIAA flies off with Bird HQ
Great Portland Estates has exchanged contracts to sell its 151-year leasehold interest in 12/14 New Fetter Lane, EC4, to TIAA Henderson Real Estate on behalf of TIAA CREF for £165.8m – a 4.5% yield. The 142,500 sq ft development was prelet to Bird & Bird last year on a 20.25-year lease, which will commence on completion of construction in Q4 2015. GM Real Estate advised GPE; JLL advised TH Real Estate.
BT connects for Keybridge sale
Mount Anvil and A2Dominion have exchanged contracts to buy Keybridge House, SW8, from BT Group for £92.5m. The 3.3-acre site at 80 South Lambeth Road has consent for an Allies & Morrison-designed scheme comprising 415 homes. Telereal Trillium and CBRE advised BT; Marsh & Parsons represented Mount Anvil.
Workspace Fleet Street splash
Workspace Group has bought 160 Fleet Street, EC4 from Ireland’s National Asset Management Agency for £29.7m – a 3.7% yield. The 54,000 sq ft, seven-storey building is 43% let. Knight Frank advised Nama; Savills acted for Workspace.
Fund springs for Colmore Row
Rockspring Property Investment Managers and Sterling Property Ventures have bought the former NatWest House at 103 Colmore Row in Birmingham. Rockspring replaced Legal & General on the £15m deal for the 78,000 sq ft office tower. Savills advised vendor British Land; Knight Frank and Colliers International acted for the purchasers.
LandSec sells City block
DTZ Investors has bought 47 Mark Lane, EC3, from Land Securities for £73.3m. The deal for the 105,000 sq ft refurbished office block reflects a yield of circa 5%. Strutt & Parker advised DTZ Investors; Capital Real Estate Partners acted for LandSec.
