The St Bride Street building is vacant, and has planning consent for a new development including 53,000-sf of office space and 2,900-sf of restaurant space.

Julian Barwick, Joint Managing Director, Development Securities commented: 'In time, we expect to build a high quality development on this site. This deal extends the potential for our medium term development programme in London, which also includes the Royal Docks and PaddingtonCentral.'

DevSec did well out of Black Friars Court. Half of the scheme was pre-let to law firm Rowe & Maw. The rest went to engineering company Bechtel at a headline rent that reportedly topped £60 ($100) per sq ft. German open-ended fund Deutsche Grundbesitz Investmentgesellschaft forward-funded Black Friars Court.

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