The Ericsson Building was developed in phases between 1986 and 1992 and provides 154,134 sf of offices and research & development facilities on a 13-acre site.
Under the terms of the deal, Ericsson has agreed to take a new 12-year lease at a commencing rent of £1.85 million ($2.66 million) per annum, equating to £12 ($17.25) per sf overall. The lease has fixed rental uplifts of 2.5% per annum compound every four years.
Catella advised Ericsson and the purchaser is a client of Andrew Barrs & Co and Andrew Mayer Associates.
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