Real estate investment managers, LaSalle Investment Management, a subsidiary of Jones Lang LaSalle, recently announced the property purchase of 100 Middlesex Street, E1, in a deal costing approximately £26.5 million.
In a deal in conjunction with Generation Estates, LaSalle purchased the property from Blackstone on behalf of a pension fund client with a net initial yield of 5.5%. LaSalle were advised by Savills and Blackstone were advised by GM Real Estate.
The office space will be let on a lease term of 20 years to University study and residential group, INTO UEA and is guaranteed by the University of East Anglia.
100 Middlesex Street is a stand-alone building that offers 61,500 sq ft of office space, forming part of a larger development including a 33-storey mixed-use property, called Nido Student Tower, offering around 365,000 sq ft of residential and office space.
The development, which was designed by architects TP Bennett, began construction in 2007, ending in 2010 and features two ground floor retail developments – Tinderbox Ltd and Japanese Canteen Ltd.
Director at LaSalle Investment Management, Richard Debney, said, “100 Middlesex Street was let at the bottom of the rent cycle in mid-2009 and includes fixed and RPI based rental uplifts.”
He added, “The property is an important addition to our portfolio.”