Levy advises the purchase of IBM Building 26.02.14
Cordea Savills buys IBM, Upper Ground, London SE1 for £120 million.
Cordea Savills has purchased IBM, Upper Ground in London SE1 for £120 million on behalf of a private family office.
This iconic headquarters building of 217,429 sqft, backing onto the River Thames, adjacent to the National Theatre in Waterloo. It is let to IBM United Kingdom Limited for 17 years with a minimum term certain of 9 years (tenant break). It was acquired at a net initial yield of 4.85% (corporate acquisition).
Levy LLP advised the purchaser.