Private clients of Sumitomo Mitsui Trust Bank have bought One Portsoken Street in Aldgate, E1, for more than £160m, marking the largest transaction in the City of London so far this year.
The 238,874 sq ft office tower hit the market last year with price tag of £130m following a £50m refurbishment in 2021. The transformation was completed by former owner of the building, Abraham Schwartz’s Alfred Equities, which acquired the workspace in 2018 for £97m.
The building is fully let to two tenants, Northeastern University and BPP University, at an average rent of £50 per sq ft and more than 12 years to expiry.
Michael Elliott and Cushman & Wakefield advised the vendor; Knight Frank acted on behalf of Mitsui.
Image © Abraham Schwartz’s Alfred Equities
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