Property investment firm Ekistics has gone under offer to buy Birmingham’s Priory Court and The Lewis Building, CoStar News understands.
According to UK office investment sources, Ekistics is set to land the scheme for just shy of £70 million after securing exclusivity.
The Birmingham city centre scheme was listed for £73 million in March, with CBRE appointed to sell the building on behalf of receivers.
CoStar News understands that Cushman & Wakefield is acting for the buyer.
A number of parties put bids in for the scheme, sources added, including Martley Capital. The quoting price for the building reflected a net initial yield of 9%.
The scheme, located in the central business district, is let to 14 tenants, including the government, which occupies space across both buildings.
It generates a yearly rent of circa £7 million and has an average weighted unexpired lease term of 8.45 years to break options and 8.77 years to lease expiries.
Priory Court and The Lewis Building span around 245,000 square feet collectively.
Both Ekistics and Martley have secured recent deals in the UK regions, with the former buying 3 St Paul’s Place in Sheffield from M&G for £16.8 million in February.
Martley sold the car park element of Birmingham's mixed-use Mailbox scheme for more than £25 million in March.
CBRE and Ekistics were approached for comment. Cushman & Wakefield declined to comment.