Samsung selling Commerzbank’s £425m London HQ
Samsung Life Insurance, the South Korean investment manager, is selling the London headquarters of Germany's Commerzbank for £425m.
Samsung is being advised by DWS in the sale of the 400,000 square foot (sq ft) building at 30 Gresham Street, which sits not far from the Bank of England and overlooks the Guildhall.
Originally constructed by Land Securities, the development occupies a site of almost 1.5 acres in the heart of the City and is let for another 10 years.
Banking and asset management group Investec have recently expanded in the building, taking a further 150,000 sq ft from Commerzbank.
A statement regarding the potential sale said Samsung Life Insurance had been “encouraged” by the continued momentum in the London office market.
Demand for office space in the City has remained high even after the Brexit referendum, and occupancy is also at record levels: office take-up in the City has soared 15 per cent in the first quarter of the year, according to global wealth manager UBS.
The overall rent in the building is believed to be only £45 per sq ft, much lower than the average prime City rents which sit at over £70 per sq ft.
The South Korean investment fund has asked London property firms CBRE and Knight Frank to advise on the sale.
Samsung had considered selling the building back in March, also under advice from DWS, but decided not to in order to focus on asset management.
Commerzbank declined to comment on the sale, and Samsung could not be reached directly.