Henderson Park and Dukelease Properties have confirmed the acquisition of the Ibex House office building in London.

Real estate services firm Savills stated in a report earlier this year that Henderson Park and Dukelease bought the freehold interest in the 191,144sqft asset from Israeli pension fund Harel Insurance & Financial for £121.3m (€135m).

Built in 1937, Ibex House is believed to be London’s first serviced office building. The asset has 85% occupancy, the building is still multi-let, with 28 occupiers.

In a statement today, Henderson said it intends to reposition the building through a phased refurbishment programme to help improve and modernise the facilities and gradually “bringing the rental tone in line with comparable properties in the area”.

Nick Weber, founding partner of Henderson Park, said the building has a strong tenant line up, offers reversionary potential and is in a high demand area that is benefiting from a number of nearby developments including the new Embassy of the People’s Republic of China at Royal Mint Court.

“This is our third office acquisition in London and we continue to see attractive pricing levels against a backdrop of political uncertainty.”

Richard Leslie, CEO of Dukelease Properties, said: “Ibex House is one of the most iconic buildings in central London and a great investment opportunity in this zone one area.

“We are looking forward to making improvements to the building that will further bolster its commercial offering in its prime location.”