A prominent office building in Birmingham’s CBD has been acquired by the West Midlands Pension Fund.
The fund bought 125 Colmore Row in a deal believed to be worth around £80million.
The building includes 150,000 square feet of Class A office space over nine floors and also has 66 underground parking spaces on three levels.
It has been occupied by Lloyds TSB Bank since its development in 2001, with a lease in place until 2030, as well as a Starbucks on the ground floor.
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CBRE Investment Management acquired the site on behalf of West Midlands Pension Fund from an undisclosed supplier.
Fund manager Michael Rouult said: “With occupiers such as PwC, HSBC and Goldman Sachs all having demonstrated their commitment to Birmingham, high quality office buildings in the UK’s second largest city are an excellent prospect. of investment.
“Further infrastructure improvements and regeneration projects make the city even more attractive for businesses and employees, with more people moving from London to Birmingham than any other city.
“125 Colmore Row has solid fundamentals, with an excellent location, attractive exterior and substantial basement.
“We see significant opportunities to further enhance this asset during our ownership, updating the building and its facilities to more closely match the demands of modern occupants from a sustainability and well-being perspective. -be.”
CBRE represented CBRE Investment Management and James Andrew International acted for the seller.