Global reinsurance firm SCOR is to buy 10 Lime Street, EC3, for its own occupation.
SCOR is in advanced discussions to buy the long-leasehold interest in the 55,000 sq ft office block from Premier Property Group for around £45m.
SCOR already occupies 28,500 sq ft in the building after securing space in the City property in 2009 and 2010.
The price for the off-market deal is equivalent to around £780 per sq ft.
PPG, which also recently sold Plumtree Court, EC4, to Goldman Sachs for £94m, bought the long-leasehold interest in Lime Street for £6.9m in 2004, reflecting a yield of 6.5%. The freehold is owned by the City Parochial Foundation.
The building is adjacent to Lloyds of London in the heart of the City’s insurance district. It is let off £47 per sq ft.
PPG director Lynne Higgins said: “10 Lime Street has been one of our flagship properties and we have been keen to get the best price possible. This has been a smooth transaction and we are happy with the level we have achieved.”
CB Richard Ellis advises SCOR. GVA and Kinney Green are letting agents.
james.buckley@estatesgazette.com
