London Office Building Sold for $140 Million
Legal & General Group Plc has agreed to sell an office building in London's Midtown district to Orchard Street Investment Management LLP for £85.1 million ($140 million).
Legal & General, the largest manager of U.K. pension assets, will sell the 104,000-square-foot property located at 26 Red Lion Square, Bloomberg
reports. Tenants in the office building include Cable & Wireless Communications Plc and TSL Education Group Ltd., the company said in a statement.
The company paid £57 million for the building in 2010 and spent £7 million to refurbish the building, the company said.
The district "is set for further growth, supported by the proliferation of businesses moving to Midtown and the forthcoming Crossrail station which will be opening just a short walk away," Orchard Street partner Gary Felce said in the statement. London-based Orchard Street manages 3.3 billion pounds of U.K. commercial real estate, Bloomberg