David Garrard and Andrew Rosenfeld’s Minerva has paid £29m for the headlease of the 9,290m2 (100,000sq ft) St Botolph’s House, EC3.
Minerva will pay £6.7m cash to Avondale (City) for the lease and take on the existing £22m mortgage on the offices and shops at Hounds-ditch in the City.
BT, the main office tenant, has 67 years left on its lease. St Botolph’s produces £2.5m a year in rent.
Cash for the deal will come out of the £50m war chest which Minerva raised last year when it floated on the stock market.
St Botolph’s enlarges Min-erva’s portfolio of large central London investments which includes the Banque Paribas headquarters on Wigmore Street, W1, and 250 Euston Road, NW1.
