LaSalle Investment Management has sold a Thomson Reuters-occupied building at 1 Mark Square, EC2, to a private Israeli investor for more than £38m.
The 62,506 sq ft office building on the edge of Shoreditch and the City is a prime redevelopment opportunity. Thomson Reuters currently rents the entire building on a lease expiring in 2017. The media giant is moving out as part of plans to consolidate all of its London staff under one roof at 5 Canada Square, E14, where it has agreed a deal to sublet 350,000 sq ft from Credit Suisse.
1 Mark Square offers six floors of offices with floorplates of around 11,000 sq ft. The block is bordered by Leonard Street, Ravey Street, Luke Street and Mark Square, a pedestrianised thoroughfare, and is directly opposite the Grade I listed Church of St Michael.
Shaun Reed, national director at LaSalle Investment Management, said the sale was in line with the company’s strategy to “recycle and reinvest capital into existing LaSalle development projects”.
LaSalle IM was advised by Colliers International and Cortex Partners; Clay Street Property Consultants and Hamilton Investment Partners represented the buyer.
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