Aberdeen Asset Management has instructed Colliers International to sell the prime Mayfair headquarters of private bank Kleinwort Benson for £121m – a 3.7% yield.
The 51,861 sq ft 14 St George Street, W1, is fully let to the bank until 2020 at an average passing rent of £86.88 per sq ft – well below current market rents.
The bank sublets space in the building to companies including global trading firm Trafigura, which moved in this year after an aborted deal to move to Mercury’s 30 Berkeley Square, W1, at what would have been a record rent of £150 per sq ft.
