LONDON-Morley Fund Management, on behalf of Commercial Union Life Assurance has bought Barclays Bank’s 314,000-sf headquarters building at 54 Lombard Street in the City in a £198 million ($310 million) sale and leaseback.

The majority of the building will be leased back to Barclays for 15 years, with a tenants break option between September 2005 and December 2006. By then Barclays will have relocated to its new million-sf headquarters currently under construction at Canary Wharf.

The deal means Morley has already struck deals worth £1.4 billion ($2.2 billion) this year. Strutt & Parker advised Morley. Cushman & Wakefield Healey & Baker and Atis Real Weatheralls advised Barclays Bank.

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