Built in 1973, 21 Moorfields is a 150,000-sf office building, which is let to Lazard Bros. & Co. under a lease expiring in 2008. Even though the bank is not currently in occupation, the building produces a rental income of £5.6 million ($10.5 million) per annum. In 2001, Hammerson obtained outline planning consent to redevelop the site with a new office building of 430,000 sf.
John Richards, chief executive of Hammerson says: "This sale will release resources for investment in other projects. The group has a substantial pipeline of future development opportunities both in the retail and office sectors."
Fordgate advised the purchasers.
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