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LONDON-HSBC has sold the site for Buildings 4 and 5, Paternoster Square, to the German open-ended property fund, Commerz Grunbesitz-Invest for just over £30 million ($44.1 million).

Sheldon House, which formerly occupied the site, was the headquarters of HSBC subsidiary Charterhouse Bank. The site was cleared prior to the sale, and now CGI and its development partner City Offices, plans to develop two new buildings totalling 100,000 sf.

The Paternoster Square area has recently seen a spate of major office pre-lettings. Goldman Sachs which already occupies Christchurch Court has pre-leased Warwick Court. The London Stock Exchange has pre-leased King Edward Court and CB Richard Ellis has taken St Martin’s Court for its new European, Middle Eastern and African headquarters. The new Merrill Lynch Financial Centre is also located just to the north of the Square.

Insignia Richard Ellis advised HSBC on the sale. DTZ Debenham Tie Leung advised CGI and Andrew Mayer Associates advised City Offices.

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