Fund manager Legal & General has acquired Bloomberg’s former offices at 38 Finsbury Square, EC2.
EG understands L&G paid £20m for the asset, which was acquired by a client of development manager London & Oriental in 2008 for £39m.
Originally developed in 1991, the building is currently made up of 49,087 sq ft of office and ancillary accommodation spread over the basement, lower ground, ground and six upper floors.
London & Oriental secured planning permission in March 2022 to undertake a back to frame refurbishment with the addition of a new seventh floor and a large roof terrace.
Previously occupied by media company Bloomberg until mid-2020, London & Oriental intended to carry out these works to reposition the asset as a sustainable prime asset for a single headquarters occupier or multiple tenants.
L&G has, via its managed fund, proposed to implement these plans and deliver a sustainable grade-A office, due to be delivered in Q1 2027.
Rob Codling, fund manager at L&G’s Asset Management division, said: “The fund is in a fortunate position of having equity to invest in the current market and is capitalising on this by acquiring a prime opportunity to develop a best-in-class office in an outstanding location.
“We will continue to look for strategic acquisition opportunities for the fund in the coming months, across a range of real estate sectors.”
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