London office purchase for LaSalle

Office design news from Morgan Lovell

Published on 17-09-2010

LaSalle Investment Management has purchased an office building in central London for £26.5 million.

The company has bought 100 Middlesex Street from Blackstone on behalf of a pensions fund client, Property Magazine International reports.

Offering 61,000 sq ft of office interior space, the building forms part of the recently-constructed Middlesex Street development - which includes the 33-storey Nido Student tower.

Currently let on a 20-year lease to INTO UEA, 100 Middlesex Street also provides two ground floor retail units and a gym.

The sale of the development represented a 5.5 per cent yield for Blackstone, which was advised by GM Real Estate. LaSalle was advised on the deal by Savills, the news provider states.

Elsewhere in the capital, the former headquarters of international mining firm Rio Tinto could be set for redevelopment in the months ahead.

Situated at 5-6 St James's Square, the property could see the creation of a further 115,000 sq ft of office space and 14 residential units, Property Week reports.

Posted by Paul Kelly