Angelo Gordon and Beltane Asset Management have exchanged contracts to sell 55 Gresham Street, EC2, to New York-based Ella Valley Capital for around £200m.
In August the pair let the entire building (pictured) to Investec Asset Management.
The price paid reflects a yield of circa 3.95%.
Angelo Gordon and Beltane purchased the City of London site in 2014, regearing the head lease with the City of London Corporation and securing planning consent for a major redevelopment designed by Fletcher Priest Architects that was project managed by Buro Four to provide 121,600 sq ft of prime office space over 11 floors.
Investec Asset Management is to move its operations that are currently located at the Woolgate Exchange to 55 Gresham Street, where it is believed to have agreed a 15-year lease, paying around £65 per sq ft.
It is the second UK asset Beltane and Angelo Gordon have sold to Ella Valley Capital this year.
In April the pair exchanged contracts to sell the completed redevelopment at 24 King William Street, EC4, to a private client of the investment management firm.
Angelo Gordon is a partner of Ella Valley in the US.
JLL, which advised Angelo Gordon and Beltane on the sale, has recently reported that the investment market is still dominated by money from the Far East.
US investors in the capital have accounted for only 3.8% of investment so far in 2018, equating to £557m, compared with 4.9% in 2017, tallying £1.4bn. Investors from Hong Kong, South Korea, Singapore and China have accounted for 43% of investment into London to date in 2018, research from JLL has showed.
Purchases so far this year by US investors have included New York investor Abraham Schwartz’s £97m acquisition of 1 Portsoken Street, E1; the £175m purchase of the long lease at Vintners Place, EC4, by Goldman Sachs’ real estate investing arm; and Invesco Real Estate’s acquisition of 40 and 50 Eastbourne Terrace for £110m from Hermes Investment Management.
Angelo Gordon declined to comment.
Beltane Asset Management and Ella Valley Capital have been contacted for comment.
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