LaSalle Investment Management, on behalf of California State Teachers' Retirement System, has purchased the office property located at 60 London Wall in the City of London for £197 million ($301 million). The seller was German fund manager DFH Deutsche Fonds Holding.
The new owners plan to renovate the office with a two-floor extension.
Deutsche Fonds Holding acquired the private funds management business of IVG Immobilien AG in 2014, which included this asset. IVG Immobilien AG acquired the office in 2006 for $381.1 million.
60 London Wall totals 257,000 square feet, spanned across five stories. It is 100 percent occupied by ING Barings with a lease until 2016.
The property, constructed in 1991, is located at the heart of London’s banking quarter within a five-minute walk of Moorgate, Liverpool Street and Bank Stations.
LaSalle was advised by Everton Phillips. Deutsche Fonds Holding was advised by JLL and CBRE.
