M1 Real Estate, an investment firm from Lebanon, has bought Victoria House in Bloomsbury Square for £175 million.
Moritz Group, of Ireland sold the building and were advised by Jones Lang LaSalle, M1 Real Estate were advised by CB Richard Ellis during the purchase.
Victoria House is an art-deco style building, which was built in 1929 and refurbished in 2003 by Garbe. It holds around 300,000 sq ft of office space and 50% of the building is let by government-backed tenants. The average lease terms at offices in the building are about 9.5 years.
“Victoria House sits perfectly within our strategy to build upon our portfolio of prime assets in major cities around the world.
“We’re extremely pleased with the acquisition, the real estate and investment fundamentals make sense and most importantly Victoria House has an imposing history and architecture,” says chief executive of M1 Real Estate, Moustapha El Solh.
The sale is yet another reflection of the booming London office space and commercial property market. Space in the capital is in high demand and office space is the prime market to invest in now.