HM Revenue & Customs has completed the acquisition of its own headquarters 1 Ruskin Square in Croydon, south London.
The government department has paid £115m for the 192,750 sq ft office block, buying it from Schroders.
HMRC, which announced it was moving to the building in 2016 on a 25-year lease, was paying a rent of close to £7.5m per annum for the space, meaning its acquisition price reflects a yield of just over 6%.
Cushman & Wakefield advised HMRC on the acquisition, while JLL acted for Schroders.
A number of buildings within the £500m Ruskin Square development in Croydon are occupied by government departments. Last March, Pension Insurance Corporation bought the neighbouring 2 Ruskin Square from Schroders for £267.6m.
The 344,940 sq ft grade-A office building will be leased to the Government Property Agency from August this year.
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