Hermes Investment Management has bought City office block One America Square from real estate funds managed by Blackstone for £130m.
Blackstone previously came close to agreeing a deal to sell the building to Europa Capital but talks did not progress.
One America Square is a landmark City building comprising 230,285 sq ft of category A office and retail space over fourteen stories.
Since purchasing the building, Blackstone has remodelled the reception and a number of the floors to attract tenants such as Chubb, A.B.I and Algomi Limited. Other office tenants within the building include Wells Fargo Bank, BMS Special Risk Services, Golar Management Limited and Ageas Insurance Limited.
Chris Taylor, Head of Private Markets at Hermes Investment Management, said: “Our long term investment strategy focuses upon those locations which will benefit from enhanced infrastructure and public realm and buildings which offer active management potential; One America Square offers considerable scope for continued income growth given its improving location and highly flexible and affordable floorspace provision.”
BNP Paribas Real Estate acted for Hermes Investment Management, while GM Real Estate and Knight Frank advised Blackstone.