Art-Invest is nearing a deal to acquire a City of London office block for a quarter of its value in 2004.
The German investor-developer is set to pay £70m for the long leasehold of Senator House at 85 Queen Victoria Street, EC4, from Legal & General.
The freehold of the 192,566 sq ft grade-A office building is owned by the City of London Corporation. It is rated BREEAM Excellent.
Located close to restaurants The Ned and Madison, the six-storey site has recently been renovated to provide new plug-and-play office space, as well as updated communal areas including a landscaped roof terrace.
Legal & General acquired the site from investor Angelo Gordon in 2015 for £93m. Two decades ago it traded for £300m when Consensus Business Group bought it from Challenger International, according to EG Radius data.
Art-Invest declined to comment.
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