Blackstone Group LP divested the Cannon Bridge House office asset on Upper Thames Street in the City of London for £248 million, HFF Real Estate Ltd., which represented Blackstone in the transaction, confirmed.
A March report named FG Asset Management and European real estate investment manager The Valesco Group as the buyers of the office property.
The asset sits on a 2.5-acre site and offers a total of 286,595 square feet of prime office space across a basement, a ground floor and six upper levels. The property is composed of two interlinked buildings: the refurbished River Building provides approximately 91,698 square meters of office and ancillary space, which is pre-leased to Deliveroo and Kobalt Music, and the Atrium Building features 194,897 square feet of office area.
Cannon Bridge House has a weighted average unexpired lease term upwards of 10.5 years to expiry and a current average passing rent of £46 per square foot.