Hines has sold the 20,000-square-foot office building at 15 Suffolk Street following almost 15 years of active asset management.

The asset was sold, on behalf of Hines European Core Fund (HECF), to a joint venture between Heitman, a global real estate investment management firm with $46.0 billion in assets under management, and Greycoat, an independent real estate company with over 40 years of experience and expertise in the central London office market.

The 5-storey building was acquired by Hines on behalf of HECF in 2007, following a full refurbishment the previous year. The property is fully let to Stonehage Fleming, the adviser to many of the world’s leading family offices.

Simone Pozzato, Fund Manager of Hines European Core Fund, said: “HECF acquired 15 Suffolk Street in 2007 as a long-term income investment, our first asset acquired in London. Having now completed our extensive asset management activities, this planned disposal crystalizes our investment, delivering strong returns for clients as we rotate our portfolio.

“We retain a pipeline of exciting investment opportunities and remain committed to the UK office market as per our acquisition of 7 Soho Square last year. We are seeing renewed appetite for London offices as employees return to the office, with future-proofed workplaces offering attractive investment prospects and the potential to deliver strong returns to clients. As we review our portfolio, a key element is market timing to ensure we maximize investor returns. We do this by taking an active approach on Core assets, bolstered by the presence of strong local teams on the ground in every country in which we operate. This enables us to manage assets over a long period of time to add additional value to our investments, a strategy we employ across Europe.”

Knight Frank advised Hines on the sale. Greycoat and Heitman were advised by Cushman & Wakefield.