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Blackstone Real Estate Partners Europe lll has sold its freehold interest in Lacon House, 84 Theobalds Road, Midtown for £285 million, to a private investor of unknown origins.
Blackstone previously purchased the freehold in July 2013 for £90 million, which reflected an initial yield of 9%. Over half the building was let to a single occupier – US Law firm Nabarro – who exited in 2014, while the other space remained vacant. Blackstone then conducted a full refurbishment programme and let space out to multiple occupiers such as Arriva, Exterion Media, Argus, and Industrial Light & Magic. Current space to let includes 11,861 sq ft on the part 1st floor and 3,300 sq ft on the part 8th floor, which is on the market for £67.50 per sq ft, and 5,700 sq ft on the part 5th floor, which is on the market for £65.00 per sq ft.
Eugene O’Sullivan, Surveyor and Director at Morgan Pryce, believes; “The sale represents further evidence of the strong demand for prime, central London assets. Although – with rents falling and incentives pushing out – this purchase comes at the top of the property cycle, I think it’s safe to assume the purchaser has a long-term view with Lacon House.”
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.