Quadrant, the independent UK real estate asset management and development company, has acquired 6 Gracechurch Street, in the City of London, in partnership with a private Singapore based family office as part of a new mandate.
According to the parties, 6 Gracechurch Street was acquired from UK pension giant USS, which undertook an extensive refurbishment of the building that completed in 2023.
The property comprises 47,000 ft2 (4,370 m2) of predominantly Grade A office space and has a WAULT of 7.8 years, It is fully let to tenants including BT, Gaws of London and Partner Reinsurance.
The acquisition is the first deal to be completed by Quadrant and the family office, which together are looking to amass and asset manage a portfolio of high-quality central London offices.
Christopher Daniel, founding partner at Quadrant, commented: '6 Gracechurch Street is already fully let to high-quality tenants following its recent refurbishment, clearly showing there is robust demand for offices in the City of London able to meet modern occupier requirements.
'We are excited to be embarking on building this portfolio at a time when we have likely reached a point in the cycle where valuations, including those for some of the city’s best located office assets, have reached a level that is providing investment opportunities that may not be seen again for considerable time.
'We will use our market knowledge, development and asset management expertise to unearth the best opportunities and drive superior risk-adjusted returns.'
The BREEAM Very Good building benefits from wellness-enhancing amenities including end-of-trip facilities.
Quadrant and the family office was advised by Savills. Cushman & Wakefield acted for USS.
