LONDON—Cornerstone Real Estate Advisers has purchased 40 Gracechurch Street, a Grade A office building in Central London, for $144 million (£94M) on behalf of a new separate account client.
The property, which was developed in 2010 by the vendor, Arab Investments, comprises 122,850 square feet of class A office space across eight floors, as well as a ground level restaurant.
This transaction is the first acquisition on behalf of a client who has given Cornerstone a mandate to invest in Central London with a particular focus on office properties which offer a value opportunity.
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