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News Release

Leeds

Jones Lang LaSalle advises Legal & General on £14.38 million acquisition of 1 Whitehall Quay in Leeds

Largest multi-let office investment transaction in Leeds in the last year


Leeds, 9th May 2011 – Acting on behalf of Legal & General, Jones Lang LaSalle has acquired 1 Whitehall Quay in Leeds for £14.38 million from Danmerc, reflecting a net initial yield of 7.88%.  The 51,182 sq ft office building is currently let to Mercer Ltd and MWB Business Exchange Centres Ltd for a further unexpired lease term of 6.25 years.  The passing rent equates to £21 per sq ft reflecting a 20% discount to prime rents and offering Legal & General excellent scope for future growth.

Mathew Atkinson, associate director in Jones Lang LaSalle’s National Investment team in Leeds, said: “1 Whitehall Quay represents an excellent opportunity to reposition the property through refurbishment at lease expiry and subsequently create one of the key grade A offices in Leeds city centre given its undoubted position within the prime core and  proximity to the station.”