One Finsbury Circus sold to Invesco
An award-winning office scheme in the heart of London has been purchased by Invesco Real Estate in a multi-million pound transaction announced yesterday.
The Invesco Real Estate property fund has paid £141.5m for the striking office scheme at One Finsbury Circus, London EC2.
The Grade II* Listed building (pictured – website), originally designed by famed architect Lutyens, is a multi-let office scheme offering 187,000 sq ft of prime, Grade A space over 11 floors.
In 2009 the office conversion was awarded the annual Heritage Award by the City Heritage Society and the Worshipful Company of Painter-Stainers. The scheme was also shortlisted for a British Council of Offices award in the same year.
The offices were once the former City headquarters of BP and were known as Britannic House. BP occupied the offices twice, spanning the periods 1925 – 1967 and 1991 – 2003. Law firm Stephenson Harwood is now the significant tenant having relocated to the building from its One St Paul’s Churchyard offices last month. The firm agreed to (subscription) a 15-year lease for 132,000 sq ft of floor space over 8 floors. A rental price of approximately £35 / sq ft was agreed although incentives were included.
In 2009 professional services group Alvarez & Marsal agreed to a 10-year lease for 22,600 sq ft of floor space. The agreed rental price was £47.50 sq ft and included a 33-month rent free period (pdf link).
Vendors Hermes Real Estate and Property Merchant Group had previously acquired One Finsbury Circus in 2005 for £165m and invested over £30m in an extensive renovation programme.
Knight Frank represented Invesco. GM Real Estate acted for the vendors.
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