Perella Weinberg Partners has agreed a deal to sell 33 Grosvenor Place, SW1, for close to £300m.
The 192,000 sq ft office building is being bought by Cleveland Clinic, a US not-for-profit medical research, hospital and education organisation. Cleveland Clinic plans to use the building for its own occupation and run a private hospital from the building.
The deal reflects a yield of close to 3.5%. Perella will have made a sparkling return on its investment in the building, having bought it in only June last year for £204m from WR Berkeley, a yield of 5%.
Oil and gas firm Hess has a lease on the building until June 2016. Following a decision to close its London operation in 2013, the building has been subsequently let to companies including Dong Energy and TATA Consultancy Services.
Cleveland Clinic has 1,400 beds at its Ohio campus and 4,450 beds worldwide. It has been responsible for many major medical breakthroughs, including the discovery that adult brain neurons can regenerate, and the first near-total face transplant.
GM Real Estate acted for Perella Weinberg. Cushman & Wakefield acted for Cleveland Clinic.
