Credit Suisse has placed Stenprop’s 11 Pilgrim Street, EC4, under offer for just over £80m – a net initial yield of 5%.
The global investment bank is buying the long leasehold interest in the 107,112 sq ft office building, where occupiers include market research company Mintel and engineering and construction management firm Bechtel.
The property occupies an island site of 0.4 acres and is held on a long leasehold from the City of London with 133 years unexpired.
The passing rent is £4.4m per annum, equating to a low average rent of £40.73 per sq ft.
Cushman & Wakefield was instructed over the summer to seek offers in excess of £80m for the building.
Savills is advising Credit Suisse.
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