Pramerica Real Estate Investors is under offer to buy UBS Global Asset Management’s 85 Fleet Street office scheme in London’s Midtown.
It has bought the freehold of the 100,000 sq ft building for around £76m reflecting a net initial yield of around 5.7%. There is a top up rent on the vacant space.
The building, which was the former HQ of news agency Reuters, is partly let to US law firm Fulbright & Jaworski at a rent of £53.50/sq ft. Other tenants include Troika.
King Sturge advises UBS. Jones Lang LaSalle advised Pramerica. King Sturge and Knight Frank are letting agents. All parties declined to comment.
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