LONDON-Edinburgh’s tallest office building, the Exchange Tower, has changed hands in a £21.15 million ($33 million) deal. Developer Parlison Highcross has sold the 64,910-sf 13-storey office building to a group of Danish investors, advised by Danmerc. The purchase price reflects a 6.9% initial yield.
Exchange Tower is let on 15-year leases to a variety of tenants including Franklin Templeton Global Investors and law firm Henderson Boyd Jackson at a total rent of £1.55 million ($2.4 million) per annum. Two floors currently remain available.
According to Parlison Highcross Director Andrew McParland the off-market sale highlights the strength of overseas investor demand for well-let office properties in Scotland.
Ryden and Montagu Evans advised Parlison Highcross and Millar Kitching represented Danmerc.