GPE completes sale of £190m retail-fronted office space

Great Portland Estates (GPE) has completed the sale of 50 Finsbury Square, EC2, after construction of the 129,200 sq ft building concluded in January.

Four units fronting Finsbury Pavement consisting of 7,400 sq ft of retail space have now been let, while the office element of the building will be home to satellite service provider Inmarset Global.

GPE first announced the details of the sale to family-run German firm Wirtgen Holdings in October 2022, with the deal worth around £1,471 per sq ft.

The real estate investment trust says 50 Finsbury Square is its first net zero development and, following approval, its first BREEAM “Excellent” rated property.

Toby Courtauld, chief executive of GPE, said: “The sale of 50 Finsbury Square concludes an exceptional development project for GPE. The completion of the sale enables us to recycle capital out of a mature asset where we have created value into our substantial development pipeline which is stacked full of future opportunities”.