Deloitte’s London office at Athene Place, EC4, is being prepared for sale by owner Commerz Real.
GM Real Estate and Savills have been appointed to advise on the potential sale of the 130,000 sq ft building at 66 Shoe Lane. If the sales process goes ahead it is understood the asking price will be around £120m – a net initial yield of circa 5.25%.
Commerz Real acquired Athene Place for its hausInvest europa open-ended property fund in 2008 from Aberdeen for £92.4m – a yield of 5.7%.
The block is fully occupied by Deloitte which has a lease until 2027, with a lease break in 2019.
The company also had a lease expiry in 2019 at its nearby 98,160 sq ft Stonecutter Court office, EC4 which is owned by Ivanhoe Cambridge. Deloitte is yet to decide whether it will vacate the two buildings and consolidate these offices into one location. Last year the company opened a new 266,000 sq ft office at Land Securities’ 1 New Street Square, EC4.
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