Great Portland Estates and Ropemaker Properties have sold 160 Old Street to a fund advised by J.P. Morgan Global Alternatives.

The £181.50m price reflects a 5% premium to the March 2021 valuation.

70% of the 166,300 sq ft office space is let to Turner Broadcasting until 2034. The rest of the office and retail space is let to different occupiers including Robert Bosch Limited, Pusher Limited and Sensat Surveying Limited together with a small amount of vacant space and some near-term asset management opportunities.

Jamie Binstock, Senior Portfolio Manager at GPE, commented: "The sale of 160 Old Street concludes an exceptional development project for GRP. 160 Old Street remains one of the most technologically advanced buildings in London and will continue to provide a wonderful environment to both the office and retail occupiers. The sale is consistent with our strategy of recycling capital out of mature assets where we have created value."

Elliot Prosser, Head of UK Acquisitions at GPE, added "We are delighted to add this exceptional redevelopment to our expanding Central London office portfolio. As the office market transitions towards 'greener' buildings, we believe 160 Old Street is well placed to benefit from demand given its excellent ESG credentials and strong emphasis on building amenity. As the return to the office builds momentum, we continue to view London offices as attractively priced and will look to add further properties in the near term."