Standard Life Investments, on behalf of a segregated client, has acquired 100 Leman Street in Whitechapel, East London for GBP41 million.
The asset is a high-quality office situated on the eastern fringe of the City.
The 100,000 sq ft property is arranged over seven floors and benefits from a substantial basement car park.
Current occupiers of the asset include Generali and Level 3 Communications.
Jason Baggaley, fund manager, Standard Life Investments, says: “We’re pleased to have purchased this prime office asset, it is a great investment with strong potential for future growth. Given the continued increase in demand for quality office space in the eastern fringe of the City, it was the right time to buy this asset which has the potential to deliver strong returns for our client.”
James Abrahams, partner at Allsop, advising on the purchase, says: “We’ve seen an increased interest and demand in larger more attractive properties within the Whitechapel area. In our experience and the knowledge we have, property companies are finding value in this area of the City fringe for refurbishment and development opportunities and this is already evident with on-going gentrification of the area.”