In an off market transaction, an undisclosed Dutch investor acquired 1 Market Square in Shoreditch, EC2A, from LaSalle Investment Management for £38 million as an investment. A price at this level reflects a net initial yield of 3.68%. The asking price was £35 million.
The six floor office building, close to Old Street roundabout and Liverpool Street Station, is let in its entirety to Thomas Reuters on a lease expiring on 24 December 2017 at £1,495,000 per annum.
The building last sold in early 2015, when LaSalle acquired the building from Derwent London for £32.6 million, reflecting a net initial yield of 4.4%.