A prominent office block in Birmingham’s business district has been acquired by the West Midlands Pension Fund.
The fund has bought 125 Colmore Row in a deal believed to be worth around £80 million.
The building comprises 150,000 sq ft of grade A office accommodation spread across nine storeys and also has 66 basement car parking spaces over three levels.
It has been occupied by Lloyds TSB Bank since it was developed in 2001, with a lease in place until 2030, along with a ground-floor Starbucks.
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CBRE Investment Management acquired the site on behalf of West Midlands Pension Fund from an undisclosed vendor.
Fund manager Michael Roult said: “With occupiers including PwC, HSBC and Goldman Sachs all having demonstrated their commitment to Birmingham, high-quality office buildings in the UK’s second city are a strong investment prospect.
“Further infrastructure improvements and regeneration projects are making 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 strong fundamentals, with a great location, an attractive exterior and significant basement space.
“We see significant opportunities to enhance this asset further over the course of our ownership, updating the building and its facilities to match more closely the requirements of modern occupiers from a sustainability and wellness perspective.”
CBRE represented CBRE Investment Management and James Andrew International acted for the vendor.