UK office property landlord Helical has exchanged contracts to acquire 100 New Bridge Street in London in a share deal worth £160 mln (€188 mln).
The 167,026 sq ft office building, which is held on a 999-year long leasehold at a peppercorn from National Rail Infrastructure Limited, was completed in 1992 and is let to international lawyers Baker McKenzie, whose lease expires in December 2023. Including ground floor retail units, the passing rent is circa £7.3 mln per annum.
Gerald Kaye, Chief Executive of Helical, commented: ‘The acquisition of 100 New Bridge Street provides us with the opportunity to carry out a major refurbishment, which will have less impact on the environment than a ground up development, and which we will be able to deliver more quickly.’
Edward Fairweather, Knight Frank, added: ‘We were asked to undertake a discrete sale of 100 New Bridge Street on behalf of the vendor. They are delighted to have transacted with Helical who have performed at every turn.’
The vendor was advised by Knight Frank and Dentons. Helical was advised by Clifford Chance and Ingleby Trice.