NTT Urban Development, a subsidiary of Japanese telecoms company Nippon Telegraph & Telephone Corporation, bought 265 Strand for around £77m.

265 Strand

NTT bought the prime 113,000 sq ft office building from German fund manager MPC Capital for a net initial yield of just under 6%.

The office block was refurbished in 2001 before it was let to US law firm Covington & Burling, whose lease expires this year.

The transaction marked NTT’s third property purchase in the UK, following the acquisition of the long leasehold of 20 Finsbury Circus and 1 King William Street in 2011.