Cordea Savills, the international property investment manager, has purchased the IBM Building, Upper Ground in London SE1 for £120m on behalf of a private family office, from Amsprop Ltd.
This iconic headquarters building is 217,429 sqft, backing onto the River Thames, adjacent to the National Theatre in Waterloo. It is let to IBM United Kingdom Limited for 17 years with a minimum term certain of 9 years (tenant break). It was acquired at a net initial yield of 4.85% (corporate acquisition).
Cordea Savills was advised by DE & J Levy.
