Beltane Asset Management in joint venture with Angelo Gordon has bought 55 Gresham Street, EC2 from Topland for more than £40m.
The JV has acquired the long leasehold interest in the building, which was granted through a 125 years headlease from the City Corporation.
The 84,800 sq ft building, originally developed by Land Securities in 1991, is let to the Association of British Insurers on a 25-year lease expiring in March 2016.
Beltane and Angelo Gordon will undertake a comprehensive refurbishment for the building and are exploring options with the City.
Beltane co-founding partner Duncan Roe said: “We are very pleased to have acquired this well-located building with Angelo Gordon. This transaction follows our JV’s investment philosophy of purchasing assets that create true core product at stabilisation.”
Strutt & Parker advised Topland, while JLL represented Angelo, Gordon & Co and Beltane Asset Management