JMorgan Asset Management is looking to sell Times Place, 45 Pall Mall, a 59,712-square-foot trophy office in London's St James's seeking upwards £135 million.
JLL has been mandated on the sale, with the price reflecting a 4.34% net initial yield and a capital value of £2,261 per square feet.
JP Morgan Asset Management bought the freehold interest from M1 Real Estate in 2021 for £110 million, reflecting an initial yield of 4.55%, and has carried out a £10 million refurbishment programme.
The building is multilet to eight tenants. A recent letting on the third floor at £127.50 per square feet has pointed to the reversionary nature of the offices given the average passing rent on the unrefurbished floors is at £95.36 per square feet. Eight out of nine floors are to be refurbished.
Tenants include James Hambro & Partners and Centiva.
According to Savills' latest West End Investment Market Watch, by the end of April there was £2.57 billion of available stock across 92 assets, of which 60 fall below £20 million. There are very few assets over £100 million, with the only other recent example being Derwent London marketing its freehold interest in 90 Whitfield Street, W1, an 108,000-square-foot office-led building, seeking in excess of £130 million, as revealed by CoStar News.