55 Old Broad Street, EC2

Finding the best investor match to meet both client goals and building potential

Objective

PGIM’s business plan was to achieve lease stabilisation by aligning the tenants to a block date that would enable the opportunity to be sold to a developer.

Client

PGIM and Landsec

Service

Capital Markets

Leasing and Development

How we met the objective

55 Old Broad Street is one of the most important and strategic sites in the City so we focused on finding a purchaser who would not only provide an enhanced return for PGIM, but who would also be able to do justice to the redevelopment potential. Landsec is the perfect developer for the new site and paid a headline price of £87m with a NIY of 4.1%. We are now advising Landsec on the redevelopment to provide a new City tower building in 2028.

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