The Great Ropemaker Partnership has announced the sale of 160 Old Street, EC1, to a fund advised by JP Morgan Global Alternatives for £181.5m.
The fund comes under the management of JP Morgan’s alternative investment arm which has $191bn in assets under management. The Old Street property was comprehensively refurbished while under the management of its previous owners the Great Ropemaker Partnership and provides 166,300 square foot of accommodation and office space arranged over ten floors.
Elliot Prosser, Head of UK Acquisitions for JP Morgan said “We are delighted to add this exceptional redevelopment to our expanding Central London office portfolio.”
“As the office market transitions towards ‘greener’ buildings, we believe 160 Old Street is well placed to benefit from demand given its excellent ESG credentials and strong emphasis on building amenity,” Prosser added, saying that JP Morgan views London offices as well-priced assets.
The sale price reflects a five per cent premium compared to the building’s March 2021 valuation.
It comes after Great Portland Estates, one half of the Great Ropemaker Partnership announced strong office leasing results in the quarter ending September 30. The company took £14.3m of new annual rent signed in the quarter, the strongest level since 2019, as workers returned to offices.
Jamie Binstock, Senior Portfolio Manager for Great Portland Estates said: “The sale of 160 Old Street concludes an exceptional development project for GRP. 160 Old Street remains one of the most technologically advanced buildings in London and will continue to provide a wonderful environment to both the office and retail occupiers.”