PMB Holdings and a fund managed by Ares Management have secured a tenant for the remaining space at 8 Fenchurch Place, EC3, prompting them to put the building up for sale.
The Alzheimer’s Society has agreed to lease 21,865 sq ft on the second floor and 1,061 sq ft on mezzenine one taking the 95,000 sq ft to full occupation.
The average lease length to the five tenants including Gemserve, Resolute Management, Pembroke Managing Agency and ETC Venues, is more than 11 years.
The building’s owners have now appointed CBRE and Ingleby Trice to market the asset seeking bids of £86m, reflecting a 5.03% yield.
Ingleby Trice, Gerald Eve and Knight Frank were leasing agents for PMB and Ares.
Alzheimer’s Society, who will move from their current St Katharine Docks, E1, HQ in early 2016, were advised by Cluttons.
