German fund manager Deka Immobilien is close to completing a purchase of 1 Southampton Row, WC1, for £110m.
The off-market deal for the 106,500 sq ft Covent Garden office block reflects a net initial yield of close to 5.25%.
Tenants at the Sheppard-Robson-designed building generate an average passing rent of £46.50 per sq ft.
Allsop acted for the vendor Grandsoft, and Savills acted for the purchaser.
Earlier this month German fund WestInvest InterSelect, managed by Deka Immobilien, bought the Guardian Media Group’s HQ at King’s Cross, N1, for close to £235m – a 5.6% yield.
joanna.bourke@estatesgazette.com
