Deka Immobilien has exchanged contracts with Aberdeen Standard Investments to acquire the WeWork-let Cursitor Building, WC2, for £86m.
It is the second acquisition this summer for the German open-ended fund, which last month purchased Victoria office block Verde, SW1, for more than £450m from Tishman Speyer.
Indonesian investor Sinar Mas was understood to have been interested in buying the 74,000 sq ft, nine-storey Cursitor.
A refurbishment of the building completed in April 2017, creating offices over eight levels with roof terraces and views over London on the upper floors.
It is fully let to five tenants on a passing rent of £4.3m per annum, reflecting an overall price of £58.64 per sq ft.
WeWork has leased the first to fifth floors, taking a total of 49,212 sq ft on a 20-year lease at an overall rent of £63.50 per sq ft.
Click on the video below to take a look inside
Legal firm Corker Binning occupies the 6,049 sq ft sixth floor and Preventicum, the London Centre of Preventive Medicine, occupies 10,812 sq ft of space on the ground and lower ground floors.
Pure Sports Medicine, a sports injury and rehabilitation clinic, has the retail unit on the ground and lower ground floors.
Aberdeen Asset Management acquired the site from Delancey in 2006 for £35m.
Iain McConnachie, senior director in the central London investment team at CBRE, said the building “represents a best-in-class asset in Midtown and offers exposure to a diverse mix of tenants, which compliments their existing London holdings”.
CBRE and Savills advised Deka; Knight Frank acted for Aberdeen Standard Investments.
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