Ivanhoe Cambridge and Greycoat have agreed to buy 21 Lombard Street, EC3, for £125m, a 4.91% yield.
The 115,955 sq ft freehold block is let to UBS for just under 12 years at a rent of £6.5m pa, equivalent to £56.05 per sq ft overall.
The building is being sold by DTZ on behalf of a private investor.
It has been under offer on multiple occasions over the past 12 months to buyers including Hyundai, which most recently failed to complete the acquisition owing to its takeover by a Japanese private equity firm.
For Ivanhoe, which has recently completed large value-add deals in London such as the acquisition of 3 Minster Court, EC3, 21 Lombard Street will add more core exposure to its UK portfolio.
Knight Frank advised Ivanhoe Cambridge and Greycoat.
