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Angelo Gordon exchanges contracts to buy £70m Senator House

By James Buckley - Wednesday, June 20, 2012 15:00

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Avestus Capital Partners has exchanged contracts to sell Senator House in the City of London to Angelo Gordon for £70m, reflecting a yield of 8.75%, CoStar News can reveal.

The US private equity group went under offer to buy the 155,000 sq ft building at 85 Queen Victoria Street, EC4, in March, following a bidding process which attracted a host of investors, predominantly from overseas.

Avestus Capital Partners, formerly Quinlan Private, instructed Jones Lang LaSalle in September to sell the asset, as revealed by CoStar News. The sale came at a time of unprecedented levels of stock coming to market, with around £5bn openly available in central London.

The sale of Senator House, however, reaches a conclusion at a point in the market of restricted investment stock, with many landlords opting to ride out the expected summer slowdown, which is likely to be exacerbated by the Olympics.Quinlan Private bought the building for £100m from Resolution Property in 2007.

Last May, Avestus let two floors in Senator House, leaving just two floors remaining vacant. Moneygram, the global payment services company, took 20,738 sq ft on a ten year lease with a five year break. Business Monitor International took the 20,939 sq ft fourth floor.

jbuckley@costar.co.uk