Morgan Stanley Real Estate Investing (MSREI) and Greycoat have exchanged contracts to acquire the freehold of Premier Place in London's Devonshire Square from the Royal Bank of Scotland.
Financial details were not disclosed.
The building providing 231,000 sq ft (21,000 m2) of office and retail accommodation was developed by AXA, and bought by Rotch for £170 mln in 2001. RBS, which used the site as its headquarters, paid £182 mln for the asset three years later.
MSREI and Greycoat will take possession of the vacant building in January 2018. They plan to comprehensively remodel the asset which is close to the City’s Tower cluster and Liverpool Street Crossrail station. The building works are planned to be completed by summer 2019.
'We look forward to creating a high quality Grade-A plus building for the modern-day occupier in a very exciting sub-market of the City of London,' said Shamik Narotam, head of UK and Ireland for MSREI. 'We are also looking forward to working with Greycoat as our development and joint venture partner.'
GM Real Estate advised the purchaser. Cushman & Wakefield acted for RBS.
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