A series of sublettings at 111 Old Broad Street, EC2, is free to proceed after Unilever Superannuation Fund completed the sale of its 50% stake in the building this week.
UK fund CIS has bought the half share in the 122,000 sq ft (11,335m2) building for £48m.
The building’s existing tenant, Credit Suisse First Boston, plans to vacate. It is understood to have assigned its lease for the whole building to Dutch bank KBC, but CSFB will take a sublease of around 50,000 sq ft. CSFB then plans to secure another sublet for that space. Bank of Nova Scotia is believed to have been eyeing the 50,000 sq ft surplus but sources said it had not got board approval to take the space. The building’s passing rent is £52.50 per sq ft.
Jones Lang LaSalle and LaSalle Investment Management acted for Unilever Superannuation Fund, and CB Hillier Parker acted for CIS. JLL is advising CSFB and Drivers Jonas is acting for KBC.
USF developed the building jointly with Grosvenor in 1998 and it was let on completion to Donaldson Lufkin Jenrette at what was then a record rent.
