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LONDON-The Blackstone Group has bought out Irish Life’s long leasehold interest in the 266,786-sf Vintners’ Place office building, on the banks of the Thames in the City of London, for £15.3 million ($22.3 million). The deal follows Blackstone’s £105.7 million purchase of Pillar and Schroder’s interest in the building in August 2001.

Vintners’ Place was completed in 1992 and is multi-let. The main tenants are HSBC and JP Morgan Chase. A number of rent reviews are currently outstanding, but once they are settled the building is expected to produce £8.12 million ($11.9 million) per annum. Under the terms of its lease, Irish Life had the right to receive 10% of all rents. It bought its interest in January 2000 for £11.95 million ($17.5 million).

Blackstone now owns an unencumbered 138-year lease on the property from the Vintners’ Company–one of the medieval craft guilds of the City of London–subject to a head rent equivalent to 7.5% of rents receivable or £1 million ($1.46 million) per annum, whichever is the greater.

Jones Lang LaSalle advised Blackstone and Invesco Real Estate Advisers represented Irish Life.

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