Moorfield, the U.K. real estate private equity fund manager acting on behalf of Moorfield Real Estate Fund IV (MREF IV), and Highbridge Properties, a commercial developer, have completed the sale of the Zeta building, a 125,912-square-foot class A office building on Cobalt Park, the United Kingdom’s largest business park located in Newcastle upon Tyne, for £25 million (€27 million/$29 million).
The building was recently let to The Sage Group PLC, the United Kingdom’s largest technology company.
Originally known as Cobalt 23, the property was acquired by MREF IV and Highbridge Properties in 2017, following which they undertook a repositioning of the asset, with improved landscaping and a rebranding as the Zeta building. The modern, class A building provides 125,912 square feet arranged over ground and four upper floors and benefits from strong sustainability cred
