Legal & General is buying 38 Finsbury Square, a former London office of information giant Bloomberg, in a notable sign of returning UK institutional investment in the capital, CoStar News can reveal.
38 Finsbury Square was originally developed in 1991, and comprises 49,087 square feet of office and ancillary accommodation arranged over basement, lower ground, ground and six upper floors. Bloomberg moved out of the offices in 2017 as it consolidated several locations in the capital.
The vacant possession building is situated on the corner of Finsbury Square and Wilson Street equidistant between Moorgate and Liverpool Street Elizabeth Line stations.
Planning was secured in March 2022 by London & Oriental to undertake a back-to-frame refurbishment with the addition of a new 7th floor and large roof terrace. The building has been bought from a private Hong Kong investor.
The price is not being disclosed but is understood be around £20 million.
L&G via its Managed Fund proposes to implement the planning consent and deliver a best-in-class sustainable Grade A office scheme with delivery in Q1 2027.
The building has the potential to achieve high ESG standards including an all-electric strategy, EPC A and target BREEAM ‘Outstanding’.
Rob Codling, fund manager, Managed Fund, L&G’s Asset Management division, said in a statement: “The Fund is in a fortunate position of having equity to invest in the current market and is capitalising on this by acquiring a prime opportunity to develop a best-in-class office in an outstanding location. We’ll continue to look for strategic acquisition opportunities for the fund in the coming months, across a range of real estate sectors."
Cushman & Wakefield advised L&G. Newmark BH2 advised the vendor.