ING Real Estate is set to buy 85 Gracechurch Street in the City of London from Arab Investments for a total of £32m.
The scheme provides 59,000 sq ft of multi-let office space. The deal will net Arab a £10m profit in just over a year. It bought the property for £22m from Britannic Asset Management in August 2003.
In the last year, Arab has refurbished the building and let two floors: one to the Norwegian shipping company, Gard, at a rate of £32.50 per sq ft; the other to the law firm, Davies Arnold Cooper, at £34 per sq ft. There is 23,500 sq ft of vacant space.
FPDSavills is advising both parties.