Aberdeen Asset Management and Endurance Land have instructed agents to sell the Cursitor Building, WC2, after completing a deal to lease the majority of the development to WeWork.
Knight Frank has been appointed to seek offers in excess of £90m for the Midtown freehold. The price reflects a net initial yield of 4.5%.
WeWork has leased the first to fifth floors at the 65,638 sq ft office block in Chancery Lane. The serviced office provider has taken a total of 49,212 sq ft on a 20-year lease at an overall rent of £63.50 per sq ft.
The deal means the building is now fully let to five tenants within six months of practical completion. It has a passing rent of £4.3m per annum, reflecting £58.64 per sq ft overall.
Previous lettings saw law firm, Corker Binning, take the 6,049 sq ft sixth floor while Preventicum, the London Centre of Preventive Medicine, took 10,812 sq ft of space on the ground and lower ground floor.
Pure Sports Medicine, a sports injury and rehabilitation clinic, is to occupy the retail unit on the ground and lower ground floors.
Aberdeen Asset Management acquired the site from Delancey in 2006 for £35m. The investor completed a redevelopment of the building with Endurance Land in April, creating offices over eight levels with roof terraces and views over London on the upper floors.
Farebrother and Cushman & Wakefield are joint letting agents on the scheme. Nash Bond and Farebrother advised on the letting of the ground-floor retail unit.
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