Legal & General is under offer to buy Bechtel’s north-west London HQ from Wainbridge for £76m.
The sale of the part-let First Central building at Park Royal, NW10, crystallises a significant return for the fund manager, which acquired the 160,000 sq ft block for £16m in 2011 on behalf of its Global FC200 vehicle, which was backed by a Morgan Stanley fund of funds.
It bought the building at shell and core stage and has since undertaken a John Robertson Architects-designed fit-out.
Civil engineering company Bechtel signed for 75,000 sq ft at First Central in June 2013, on a 10-year lease at a rent of £28.50 per sq ft.
Wainbridge subsequently refinanced the building with a £27m loan from Starwood Capital’s listed European debt fund.
The latest deal offers substantial growth potential for L&G, with the building just 45% let and occupier demand forecast to grow in west London.
