An earlier Benchmark/JER fund bought the other half of the building in October 2000, meaning that the partners now have outright ownership of the 192,000-sf building. Asticus will receive £29,346,565 ($42.5 million) on 15 January 2002 and £25 million ($£36.25 million) on 1 July 2002. To finance the purchase the partners have arranged a £43 million ($62.35 million) non-recourse loan with Eurohypo.

90 Long Acre produces a current rental income of £5.9 million ($8.5 million) per annum but Benchmark estimates its rental value at £9.75 million ($14.1 million) per annum. Benchmark Chief Executive Nigel Kempner said: 'We will now have total management control of the building so that we can continue to upgrade the quality of the accommodation as floors become available. The fourth floor of around 22,000 sf, currently being refurbished, will be available to let in March 2002.

'I believe that the West End office market remains in a good balance of supply and demand and should see good strength at the end of 2002 and during 2003 when we will be able to bring on stream further floors of substantially improved office accommodation as it becomes available in the building in floor plate sizes of up to 20,000 sf. The prospective returns from our investment are attractive to JER and ourselves.'