Greycoat and Morgan Stanley Real Estate Investing have exchanged contracts to buy the freehold of Premier Place, EC2, from the Royal Bank of Scotland for around £145m.
The building comprises around 231,000 sq ft of office and retail accommodation and will be acquired with vacant possession in January 2018. The purchaser plans to comprehensively remodel Premier Place which is close to the City’s Tower cluster and Liverpool Street Crossrail station.
Cushman & Wakefield was appointed in the summer to seek offers in excess of £145m for the building at 2.5 Devonshire Square.
Nick Millican, chief executive of Greycoat, said: “We believe Premier Place offers the ability to deliver a high quality office product benefitting from proximity to Crossrail, in a desirable location in the City of London. We are looking forward to working with MSREI, our joint venture partner.”
Shamik Narotam, head of UK and Ireland for MSREI, said: “We look forward to creating a high quality Grade-A plus building for the modern-day occupier in a very exciting sub-market of the City of London. The building works will be completed by summer 2019. We are also looking forward to working with Greycoat as our development and joint venture partner.”
GM Real Estate advised MSREI and Greycoat.
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