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Shaftsbury Asset Management Group snapped up a historic office building at 20 Grosvenor St for £96M on behalf of an undisclosed client.
The Duke of Westminster's estate—Grosvenor—will retain the 1725 building’s freehold as part of his 300-acre London estate in Mayfair and Belgravia; Shaftsbury’s client signed a 125-year lease.
The 39k SF building was redeveloped last year. The development combined 18 and 20 Grosvenor St, and now includes two retail units— the Refinery barber and spa—and a café.
Grosvenor plans to use the funds from the sale to bolster its £1B London estate development program, which will focus on the West End.
