Beltane has exchanged contracts to buy 24 King William, EC4, as part of a sale and leaseback deal which will allow Nomura to sell its former City headquarters.
A joint venture fronted by the niche developer is paying £25.75m for the 65,000 sq ft block, with an 18-month lease back to vendor Mitsui & Co.
The deal exchanged simultaneously with Mitsui’s signing on 55,000 sq ft at 1 St Martin’s Le Grand, EC1, which is owned by Nomura.
Nomura now plans to bring the building to market through Deloitte Real Estate.
It will seek offers in excess of £150m, reflecting a net initial yield of sub 6%.
Mitsui & Co is among a quartet of tenants to have signed at the 270,000 sq ft building, which was refurbished following Nomura’s move to Angel Lane, EC4, in 2009.
Fidelity, Julius Baird and SS&C have all signed for a total of around 120,000 sq ft.
Beltane is expected to undertake a wholesale refurbishment of 24 King William Street following Mitsui’s departure.
Architects Morrow + Lorraine have carried out conceptual design work for a scheme.
Hall Kemp advised Beltane; Savills advised Mitsui; Deloitte is advising Nomura.
Jack.Sidders@estatesgazette.com
