Transactions - AUGUST 7, 2015

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CIT Group acquires London office property

by Zoë Wolff

CIT Group has acquired Finsbury Tower in London for approximately £107 million ($167.2 million) from Hermes Real Estate, which is owned by the BT Pension Scheme.

The 16-story office building is home to major tenants Care Quality, Commission and The GYM, but should be vacant by 2017, according to Real Capital Analytics. Once the building is vacant, it has the potential for renovation as an office building or conversion to residential or hotel use. The building has not been remodeled since 1995.

Hermes purchased the 150,000-square-foot building from HNS Group in 2013 for approximately £92.7 million ($101.6 million).

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