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LONDON-A midtown office building leased to the Associated Press has been acquired by a joint venture of GE Real Estate UK and GraceMark Investments. The 49,000-sf property was acquired from the Scottish Widows Investment Partnership for 26.15 million pounds (US$52 million).

“We have plans to refurbish this asset,” says GE managing director Mike Rowan, who explains that the capital infusion will yield a new entrance, elevators and mechanical systems. The investment also reflects a commitment to Central London, says Rowan, explaining that GE is “continuing to look for similar value-add opportunities in well-located office and mixed-use” real estate in that district. The Associated Press lease is set to expire this year.

The purchase of the property at 12 Norwich St. and 98 Fetter La. represents the fourth such deal with GraceMark following partnerships buying 52 Conduit St., 80 Pall Mall and Telford House, notes GraceMark official Anthony Pell. “We have developed a successful model that draws on our real estate skills combined with GE’s capital to deliver new space to the London market,” Pell says. GE Real Estate was advised in the transaction by Nelson Bakewell, while the seller was represented by Farebrother and Lewis Ellis.

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