Legal & General Property Buys Procession House
Greycoat and Cheyne Capital have completed the sale of Procession House, Goldman Sachs’ former offices at 55 Ludgate Hill, for in excess of the £71.5m asking price.
The 105,000 sq ft property was purchased in 2012 from a distressed loan foreclosure, taking advantage of local improvements including the development of the new Crossrail Station a short distance away in Farringdon. Greycoat reconfigured the retail offer, taking surrenders of the units let to Waterstones and Starbucks and completing new lettings to Abokado and Co-op.
Developed in 1999, Procession House comprises 98,262 sq ft of Grade A offices over basement, lower ground, upper ground and five upper floors with an additional 6,942 sq ft of retail. Goldman Sachs no longer occupies the building but has retained it as swing space as it pushes on with its plans for a new 850,000 sq ft headquarters building replacing the existing Fleet Building and Plumtree Court.