JP Morgan Asset Management is to sell a prized asset in the heart of the City of London’s insurance district.
It has instructed Jones Lang La Salle and GM Real Estate to seek offers for Exchequer Court at 33 St Mary Axe, EC3, in the region of £85-£90m.
A sale of the 146,000 sq ft building at asking would reflect a net initial yield of 6-6.25%.
The seven-storey Exchequer Court is multilet to tenants including the Bank of Bangkok, Travellers London, TK Maxx, Pinebridge Investments Europe, ERM and Argo Managing Agency.
A fund advised by JPMAM bought the long leasehold on the building from Invista in 2010 for more than £71.5m, reflecting a yield of around 7%.
All parties declined to comment.
jack.sidders@estatesgazette.com
