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190,000-SF Office Asset Trades for $306M

LONDON-Strategic Real Estate Advisors acts on the sale of Britannic House. This is one of a record euro 7.4 billion ($9.3 billion) of commercial property put up for sale in the City of London.

By Anita Howarth | Updated on October 12, 2006

LONDON-Strategic Real Estate Advisors (StratREAL) advised a private client on the off-market sale of the Britannic House for euro 244 million ($306 million) to Hermes Real Estate.

The 190,000-sf building, located at 1-6 Finsbury Circus in the City of London, was originally designed by Sir Edwin Luytens and redeveloped by Greycoat in the late 1980s. It is the former London headquarters of oil giant BP and is still leased to them and to NatWest Bank. The leases expire in 2023.

“The timing of the sale reflects the investor’s strategy to obtain the best possible return on the original investment, giving prudent consideration to the current market opportunities and investment cycle,” says Jeremy Gates, managing director of StratREAL. “The initial acquisition philosophy was to purchase this type of asset class let to quality tenants in strategic locations. These solid fundamentals have led us to preserve the capital.”

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