LONDON-Two funds managed by JP Morgan Asset Management havepurchased the holding company that owns the 774,000-square-footBishops Square office building for $870 million. The holding firmhad been owned by a joint venture of Hammerson plc and OmanInvestment Fund, an arm of Omani Government Investment.

The building was completed in 2005, developed by a joint ventureof Hammerson and the city of London. Law firm Allen & Overy LLPleases the entire office portion, and there’s also about 50,000square feet of retail. The building is in the city’s financialdistrict.

Hammerson bought out the city in 2007, and then sold 75% of theholding company to Omani in June 2009. The locally-based Hammersonsays it expects to gain about $124 million from the sale. “Thisdisposal fits with our strategy of creating value through portfoliomanagement,” said David Atkins, CEO, in a statement. “We arecapitalizing on the market recovery over the past 15 months.”