Wed, 16 Feb 2011 | COMMERCIAL PROPERTY
The Fleet Street headquarters of investment banking giant Goldman Sachs is up for sale for £300 million.
Jones Lang LaSalle is selling the Peterborough Court commercial property - which is the former home of the Daily Telegraph newspaper - on behalf of its owner, the Canadian property firm Jesta Capital, which defaulted on loans last year.
The sale of the Fleet Street base is the second part of the disposal of Goldman's headquarters: the bank's River Court base, which is located directly opposite Peterborough Court and once housed the Daily Express, was purchased a few weeks ago. Joseph Lau's Chinese Estates paid £280 million for the River Court property.
Alongside Peterborough Court, Jones Lang LaSalle will also be selling the self-contained Daniel House office, which is located on the same site. Interest in the 370,000-square foot building is expected from several overseas buyers, including Malaysia's Employees Provident Fund, which has just purchased the home of law firm Freshfields Bruckhaus Deringer in Whitefriars and is looking to spend £1 billion on London commercial property.
Goldman's lease on the Peterborough Court building runs until 2026 and almost £18 million is generated by the buildings each year in rental payment.
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