City offices set to be offloaded by Irish investor

70 Gracechurch Street expected to fetch in the region of £200m

Article posted: 10 Apr 2011

Offices in the Square Mile which are home to insurance company XL Group and Marks & Spencer are to be sold for around £200m by Irish investor Michael Whelan.

DTZ has been appointed to market 70 Gracechurch Street, EC3, which is a 210,144 sq ft, eight storey building comprising ground floor retail and seven floors of office space in the City of London. Completed around 2002 the property of located on the junction of Gracechurch Street and Fenchurch Street where both the financial and insurance markets intersect.

Mr Whelan purchased the building, through his investment vehicle Moritz Group in 2005, from Active Asset Investment Management for £160m. He is one of many Irish investors with London properties currently on the market, which include offices in Canary Wharf at Citigroup Tower and office space in St James’s Square.

Gracechurch Street tenants, the XL Group are leading providers of global commercial insurance and reinsurance coverage and services on a worldwide basis. They also have offices in Newcastle.

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Posted by Jo