Freshfields HQ in London Sells for £99.2 Million

Freemans News - October 6, 2003

DB Real Estate has purchased Northcliffe House, Tudor Street, London EC4, from an affiliate of US financial services provider TIAA-CREF, and Clerical Medical. The price of £99.2m reflects a net initial yield of 6.4%.

Completed in 2001, the 191,000 sq ft Northcliffe House was developed by Hilstone and funded by TIAA-CREF and Clerical Medical. Northcliffe House is currently let to Freshfields Bruckhaus Deringer at £37.64 per sq ft under leases until August 2021, with a break in 2018. The tenure is long leasehold from the Folkstone Estate for 151 years, at a rental gearing of 5%. Sphere: Related Content