Great Portland Estates Plc with its joint venture with BP Pension Fund — Great Ropemaker Partnership (GRP) — has sold a central London office building located at 160 Old St. for £181.50 million ($246.59 million).
The buyer was a fund advised by JP Morgan Global Alternatives.
The building was comprehensively refurbished by GRP completing in 2018 to provide 166,300 square feet of high-quality accommodation arranged over lower ground, ground and eight upper floors. The office space is 70 percent leased to Turner Broadcasting to 2034. The balance of the office and retail space is leased to a variety of occupiers including Robert Bosch, Pusher and Sensat Surveying together with a small amount of vacant space and some near-term asset management opportunities.
Jamie Binstock, senior portfolio manager at Great Portland Estates, said, “The sale of 160 Old Street concludes an exceptional development project for GRP. 160 Old Street remains one of the most technologi
