Blackstone is in exclusive talks to sell 125 Old Broad Street, EC2, the City headquarters of Cushman & Wakefield, for around £430m.
GM Real Estate is advising on the sale of the 328,000 sq ft building. The asset is being sold in an off-market deal and follows a series of recent London office disposals by Blackstone.
This week, Blackstone exchanged contracts on the circa £600m sale of the Devonshire Square estate, EC2, to WeWork.
In August, the US investor completed the sale of Lacon London, WC2, to a Middle Eastern private investor for £285m. In September, HFF and Savills were instructed to advise on a £250m sale of Cannon Bridge House, EC4.
Earlier this year, Blackstone also launched the sale of St Katherine Docks, E1, for £435m but has since decided to withdraw the asset in favour of a refinancing of the 500,000 sq ft scheme.
Blackstone acquired 125 Old Broad Street from Brookfield Asset Management in 2014 for £320m – a net initial yield of 4.9%. Cushman & Wakefield occupies 48,320 sq ft on a lease expiring in 2028. Other occupiers include the British Steel Pension Fund, China International Capital Corporation fund management and legal firm King & Spalding International.
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