Mitsubishi Estate Company (MEC) has acquired a 146,879-ft² (approx. 13,645-m²) City tower which is let in its entirety to Deutsche Bank.
MEC which is one of Japan's largest property development and investment companies has bought 6-8 Bishopsgate, EC2. The price was not disclosed.
Deutsche Bank occupies the 20-storey tower on the basis of two leases which expire in June 2015 and December 2015 respectively. The German bank has recently been consolidating more staff into the building.
MEC's new UK Managing Director, Hiroyuki Arimura said: "This building is in a prime location in the core of the City of London and the strategically important Eastern Cluster for tall buildings. It is particularly attractive because it has significant active asset management opportunities either through lease re-gearing and refurbishment and extension in the shorter term, or redevelopment in the medium term."
In partnership with Legal & General, Mitsubishi Estate Company has just fully let the office element of its 500,000-ft² mixed-use development Central Saint Giles near the popular Covent Garden district of London's West End.
Cushman & Wakefield advised MEC and Jones Lang LaSalle advised the vendor.
Source: MJ2 Limited