The City of London Corporation has agreed to sell its long leasehold interest in 1-5 London Wall Buildings, EC2.
Angelo Gordon and Endurance Land have acquired the 150-year long leasehold, which was on offer for £90m.
The 209,307 sq ft Grade II listed building produces an annual rent of £4m from 36 tenants. It offers the option of a phased refurbishment or full refurbishment in 2022.
Henderson Park had previously placed the leasehold under offer.
Tom Sleigh, chair of the City Corporation’s property investment board, said: “This sale reflects the strong investment demand for properties located in the heart of the City of London. While the City Corporation retains the freehold, we look forward to working together with Angelo Gordon and Endurance Land to modernise this historic building.”
Mike Diana, managing director at Angelo Gordon, added: “The purchase gives us a fantastic opportunity to refurbish a historic asset that is ideally located to benefit from the impending completion of Crossrail and the reactivation of Finsbury Circus.”
Cushman & Wakefield managed the bidding process on behalf of the City Corporation.
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