X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-An affiliate of TIAA-CREF, the pension system for US education and research employees, has sold a 190,000-sf city office building for £99.215 million ($165 million), reflecting an initial yield of 6.4%.

Northcliffe House comprises 191,000 sf of office space and was completed in 2001. The building was developed by Hilstone and funded by TIAA-CREF and Clerical Medical. It is let to Freshfields Bruckhaus Deringer at £37.64 ($63) per sf overall under leases expiring in August 2021 with a break option in 2018. The property is held on a long lease from the Folkstone Estate for 151 years at a rental gearing of 5%.

Jones Lang LaSalle advised DB Real Estate, Invesco Real Estate represented TIAA–CREF and DTZ Debenham Tie Leung advised Clerical Medical.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.