Condor House has been sold to SEB Asset Management for £134.3 million. The EC4 office space is located opposite St Paul’s Cathedral and was sold by real estate specialists Evans Randall Group.
The building contains 110,000 square foot of office space and was originally put on the market by Evan Randalls in January 2008 at the price of £115 million. They had hoped to make a 5.75 per cent yield.
The property specialist had always planned to sell once the market improved. When Condor House was first acquired by the firm, Chief Executive Michael Evans said: “We will be directly targeting acquisitions of high quality buildings, where the owners are seeking to liquidate their assets, before yields shift back to the levels we have become used to. This window of opportunity won’t be open for long.”
The eight floors of office space are currently tenanted by firms such as Morgan Lewis & Bockius LLP, Barclays Bank PLC and investment bank Moelis and Company.
Retail space on the ground floor includes restaurants including Gourmet Burger, YoSushi and Cafe Rouge.