Private clients of HSBC Private Bank have bought UBS’s 160 Tooley Street for around £135m.
The price paid for the office development which is let to Southwark Council reflects an initial yield of around 5.25%.
Southwark Council will take occupation early next year and has signed a 25-year lease at £38.50/sq ft.
UBS Global Asset Management put the building up for sale in November for around £140m.
The rental income from Southwark Council at the 200,000 sq ft building is around £7.5m a year.
Tudor Toone advised UBS and Whitmarsh Holt Young advised HSBC private bank.