Rowan Asset Management and GI Partners have sold Aldwych House, WC2, for £250m – a yield of around 4.25%.
The refurbished block has been bought by Angela Leong, the Macau-based billionaire businesswoman and wife of casino tycoon Stanley Ho.
Mayfair-based fund manager Rowan bought Aldwych Investments, the special-purpose vehicle in which the building was held, in December 2011 with GI Partners and Taurus Investment Holding for £82.7m.
In March 2014, Rowan and GI Partners secured a £70m loan facility with Blackstone Mortgage Trust, triggering a major speculative refurbishment.
GM Real Estate and Eastdil Secured were appointed in July to market the 175,000 sq ft building, where WeWork was due to open a 62,000 sq ft co-working facility this summer.
The partners agreed more than 100,000 sq ft of office lettings last year to occupiers including WeWork, music publishing company Imagem Boosey & Hawkes, Base Quantum and law firm Fenwick Elliott, joining restaurant operator Roka, LSE and Wasserman.
Quoted rents on the lower floors start at £65 per sq ft.
Knight Frank advised the buyer; law firm Mayer Brown acted for the buyer.
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