Israeli billionaire Teddy Sagi has snapped up the Midtown headquarters of advertising firm McCann Erickson for £56m – a 4.7% yield.
Aberdeen Asset Management appointed Colliers International to sell the art deco trophy asset at 7 Herbrand Street, WC1.
The 66,406 sq ft, six-storey property is occupied by McCann Erickson on a 20-year lease expiring in 2020. Average rent in the building is £42.16 per sq ft overall, providing an opportunity for rental and capital growth.
The building was designed by Wallis, Gilbert & Partners, which also designed Victoria Coach Station, SW1, and the Hoover Building in Perivale, Ealing.
It was commissioned in 1931 by the Daimler Hire Car Company as the headquarters for its limousine fleet and was fully refurbished in 2000.
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