New Star Asset Management has bought the freehold of Dundas House in Edinburgh for around £30m from Standard Life Investments.

The 139,172 sq ft building on Brandon Street houses Standard Life Employee Services Limited and will continue to be occupied by the company.

The lease is subject to 5 yearly upward-only rent reviews. It expires in July 2031, with a tenant’s option to extend for a further 10 years.

David Stewart, fund manager at Standard Life Investments, said: ‘We are pleased to have concluded the sale with New Star Asset Management in a short time and believe this is a good outcome for both companies.’

Marcus Langlands-Pearse, director of UK property at New Star Asset Management, said: ‘Dundas House is exactly the type of prime building in a good location that we want in our investment portfolio and we look forward to having a strong working relationship with Standard Life Employee Services Limited.’

DTZ acted for Standard Life’s Heritage With Profits Fund, which sold the property.