CBRE Investment Management, on behalf of West Midlands Pension Fund, has bought 125 Colmore Row in Birmingham’s city centre.
The office building is believed to have been bought for around £80m from Epic UK. It measures 150,000 sq ft across ground and eight upper storeys, and offers 66 parking spaces.
The property has been occupied by Lloyds TSB since it was developed in 2001, with a lease in place until 2030.
Michael Roult, fund manager at CBRE IM, said: “With occupiers including PwC, HSBC and Goldman Sachs all having demonstrated their commitment to Birmingham, high-quality office buildings in the UK’s second city are a strong investment prospect.
“Further infrastructure improvements and regeneration projects are making the city even more attractive for businesses and employees, with more people moving from London to Birmingham than any other city.
“125 Colmore Row has strong fundamentals, with a great location, an attractive exterior and significant basement space. We see significant opportunities to enhance this asset further over the course of our ownership, updating the building and its facilities to match more closely the requirements of modern occupiers from a sustainability and wellness perspective.”
CBRE represented CBRE IM. James Andrew International acted for the vendor.
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