CBRE Global Investors, on behalf of an international separate account client, has acquired Premier Place, Devonshire Square, London from Greycoat and an affiliate of Morgan Stanley Real Estate Investing.
The 229,129 sq ft Grade A office building, located in the City of London, has recently undergone a comprehensive refurbishment and is fully let to two office tenants with strong covenants. There are also three retail units on the ground floor. The building spans nine stories above ground and three basement levels. The refurbishment has been done to an extremely high standard and meets occupiers’ requirements in terms of a roof terrace, bike racks and showers. The building is being targeted to achieve BREEAM ‘Excellent’.
Premier Place benefits from excellent transport links to the underground, national rail and Crossrail, opening next year.
“This is an opportunity to acquire a prime office in an excellent location with WAULTS of 15 years and let to two strong covenants. It’s a strong addition to our client’s portfolio,” commented Chris Gilchrist-Fisher, Senior Director, CBRE Global Investors.
CBRE acted for CBRE Global Investors and Cushman & Wakefield acted for the vendor.