London, 25th October 2011 - On behalf of the owners Jones Lang LaSalle Ltd and Knight Frank LLP have been appointed to market Woolgate Exchange, 25 Basinghall Street, EC2 in the core of the City of London for £290 million.
Originally developed in 2000 by MEPC Plc, Woolgate Exchange comprises one of the City’s best known landmark buildings.
The property occupies one of the largest sites in the core extending to c. 1.67 acres. Adjoining the Guildhall, this prime asset is within 200 metres of Moorgate’s Crossrail station and 150 metres of the Bank of the England. The property is let to West LB AG on a full repairing and insuring lease expiring 24 December 2020. West LB AG are guaranteed by the undoubted German state of North Rhine-Westphalia. The passing rent of £16,743,686 per annum equates to £47.70 per sq ft overall. The building is 351,263 sq ft (32,632 m) of highly specified office and ancillary accommodation over three basement levels, ground and eight upper floors.
The award winning Headquarters building is clad mainly in Portland stone and provides large open plan floorplates ranging in size from 27,000 sq ft to 44,000 sq ft (2,500 m to 4,100 m).
There are a number of active asset management opportunities associated with the property.
The agents commented “Woolgate Exchange comprises one of the largest freehold headquarter buildings in such close proximity to the Bank of England to be offered for sale this cycle. The building provides a superb specification, large floorplates and a rare opportunity to buy one of the finest office investments in the core of the City of London”.