Real I.S. has bought 21 Bloomsbury Street in the West End for a sum of £52 million. The property comprises 80,000 square feet of office space across six floors. The space is already let up to 2022 to the Secretary of State for Transport, Local Government and the Regions, with a 15-year option for renewal.
Real I.S. is an asset management company for BayernLB, the Bavarian State Bank, a commercial bank 94 percent owned by the state and one of the largest financial organisations in the country. The prospect of some of the best office space London has to offer, plus the financial stability and long-term lease of the tenant, made the development an attractive proposition for the bank – which came in for heavy criticism in 2008 after large sub-prime write-downs.
21 Bloomsbury Street is based on a 1900s-era building that was refurbished behind the original structure in 1990.
Image: Flickr (Liao Ming Chen)