GPE has gone under offer to buy Whittington House, a 70,000-square-foot office on Alfred Place in London's Bloomsbury that is being vacated by its owner, after strong bidding pushed the price past the £70 million guide, CoStar News understands.
Platine Holdings, an investment vehicle connected to quantitative research and technology firm G-Research, appointed Savills to sell the building earlier this year.
The sale is a major test of market appetite for a prime London value-add opportunity, appealing to investors seeking to either retain the asset as is and lease it immediately, or those eyeing the opportunity for a major refurbishment to increase rents.
The British quantitative finance research and technology firm, founded by Peter de Putron, has been relocating to 1 Soho Place, a Derwent London development in the West End where it has leased around 100,000 square feet.
It holds Whittington House on a long leasehold from the City of London Corporation.
GPE, one of London's leading developers, has been vocal about its return to the acquisitions trail in recent months.
GPE chief executive Toby Courtauld said the group has the "financial firepower" to take advantage of "favourable" occupational and investment markets in July results.
That followed a £350 million capital raise in June, and comes as the developer says opportunities are returning thanks to continued disruption and an increasingly favourable market.
All parties declined to comment.