US private equity firm Blackstone has sold an office property in central London to a private investor for £285 mln (€310 mln).
The asset, Lacon London, is located at 84 Theobalds Road WC1 in what is described as London's Midtown.
Blackstone Real Estate Partners Europe III acquired the 20,520 m2 freehold property in July 2013.
A comprehensive refurbishment and repositioning of the building was launched after the lease of the sole office tenant expired the following year.
The refurbishment was designed by architects Sheppard Robson and Morey Smith and involved upgrading the property to a modern Grade A specification throughout, including remodelling of the reception and the addition of a roof terrace with panoramic views across London.
The building is now occupied by a range of tenants from the creative, technology, media and telecommunications, automotive and legal sectors, including Arriva and Exterion Media.
Anthony Myers, Blackstone's head of real estate Europe, said: 'The sale of Lacon London is testament to the ongoing success of our central London portfolio strategy. Lacon is a landmark building which has undergone significant refurbishment to reinvigorate the office space and secure major leases as the demand for premium office space in central London has remained strong.'
Blackstone was advised by Savills and JLL. The purchaser was advised by CBRE and Dentons.
See also, Blackstone buys two offices in Amsterdam for €130m
