Malaysian sovereign wealth fund Permodalan Nasional Berhad has withdrawn the £195m sale of 90 High Holborn, WC1.
PNB instructed CBRE to sell the building in October for a yield of 4.71% at the same time as appointing Knight Frank to seek offers in excess of £400m for One Silk Street, EC2. However, the sovereign wealth fund has since decided to hold on to 90 High Holborn while the sales process for Linklaters’ HQ at One Silk Street continues.
See also: Malaysian fund to sell prime City offices
PNB acquired 90 High Holborn from KanAm in 2012 for £155m – a net initial yield of circa 5.25%. The former Olswang HQ comprises 186,000 sq ft of offices. Olswang vacated its 91,000 sq ft of offices in the building this summer following its merger with CMS and Nabarro.
University College London has now agreed a deal to let 48,548 sq ft on the first and second floors, on the basis of an assignment at a passing rent of £52.50 per sq ft on a lease to March 2022. US law firm Quinn Emanuel Urquhart & Sullivan has acquired the third floor, totalling 24,892 sq ft, at a similar rent. The 14,180 sq ft seventh floor is now under offer, leaving the ground floor of 17,271 sq ft available.
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