Goldman Sachs acquires prime site in the City for nearly £70 million

In a joint venture with Greycoat, investment bank Goldman Sachs has made an offer on Procession House at 55 Ludgate Hill – a large 105,200 sq ft space ideally located close to Farringdon Station.

On behalf of its Managed Fund, LGIM Real Assets put the office on the market in February at a guide price of £67.5 million – marking a net initial yield of 6.15%.

Credit Suisse Asset Management Global Real Estate had previously made an offer on the building but the deal fell through.

Planning permission is already in place for a refurbishment designed by John Robertson Architects, and it is thought the joint venture will carry out the redevelopment before re-letting it.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.