City office asset sold for £27m

Trinova Real Estate acquires 155 Fenchurch Street

Article posted: 08 Dec 2011

Trinova Real Estate has acquired City office asset 155 Fenchurch Street on behalf of a client for £27m from the Palmer Capital Development Fund, in conjunction with Walbrook Land.

Comprising 42,805 sq ft of office space in the City of London, the building also boasts retail space on the ground floor and is situated in the ‘Lloyds Triangle’ in the heart of the City’s insurance district. The multi-let property is home to the likes of Jardine Lloyd Thompson, Prime Professions, Twenty Fenchurch Street, Norman Butcher Jones, Eat and Carphone Warehouse. The sale follows that of prime office space in Bristol at ‘The Paragon’ by Palmer Capital to Invesco Real Estate for £26.5m not so long ago.

Commenting on the deal, Alex Price, chief executive, Palmer Capital said:”This concludes a disposal program the fund has undertaken in 2011 to take advantage of the strong market interest for prime, well let, quality office buildings. We now have over £150 available for 2012 and 2013, putting us into pole position to buy in a market likely to see more distress.”

Tim Stotesbury, director, Walbrook Land commented: ”Our redevelopment of Fenchurch Street transformed a compromised property built 25 years ago into a first class modern office building. It has attracted some of the best tenants from the insurance district. We are now seeking to acquire similar properties to build on our current development pipeline.”

GM Real Estate and Jones Lang Lasalle acted for Palmer Capital and Walbrook. Hanlon Bennet acted for Trinova Real Estate.

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Posted by Jo