AXA Investment Managers and BlackRock Real Estate have announced the sale of 6 Bevis Marks, a trophy office development in the City of London, to a private client of Citi Private Bank. The two managers were acting on behalf of their clients in a 50:50 joint venture.
The two managers acquired the property as a development opportunity in 2011 and completed the building in 2014. It is now almost fully let to a range of tenants with a weighted average unexpired lease term of over 10 years. The property consists of 174,550 square feet of office, retail and ancillary accommodation, with a high rating for energy efficiency. It is 200 metres from Liverpool Street Station and will be close to CrossRail, once this is completed in 2018.
AXA IM Real Assets head of UK transactions, Huw Stephens, commented: “This sale represents a highly successful conclusion to our involvement with 6 Bevis Marks. Having completed this project’s acquisition in 2011, we made the decision to press ahead with a large non pre-let development at a time when there was virtually no new construction being commenced in the City of London. Within three years, we delivered a brand new grade A office building in a prime City location into a market when demand had returned but supply was at historic lows.”