Cornerstone Real Estate Advisers has purchased an office building in Central London from privately held industrial group Access Industries for £35 mln (€45 mln).

Cornerstone Real Estate Advisers has purchased an office building in Central London from privately held industrial group Access Industries for £35 mln (€45 mln).

The property was acquired on behalf of a separate account client. It comprises 33,000 sq ft (3,070 m2) of office space and a ground floor banking hall and is fully let to Lloyds Banking Group and St James Hotel.

Cornerstone will take vacant possession of the office floors upon lease expiry in 2015 and embark on a full refurbishment with a view to re-letting the property. The new owner expects the building to benefit from the £320 mln redevelopment of the St James’s Estate area being undertaken by the Crown Estate.

The St James asset represents the latest addition to Cornerstone’s £270 mln Central London office portfolio and follows the acquisition of 40 Gracechurch Street in August 2013 and Nexus Place, 22-25 Farringdon Street in October 2013.

Commenting on the transaction, Nick Pink, CIO of Cornerstone Europe, said: 'We continue to see opportunities to create value in the Central London office market and remain acquisitive, with a particular focus on submarkets which are benefitting from significant public and private realm investment which will improve tenant demand and rental value growth prospects.'

JLL and GMRE advised the parties on the transaction.