Eleven Brindleyplace has become the latest Birmingham office building to exchange hands after it was sold to a fund managed by Benson Elliot.
Property developer Argent has completed the sale of the 108,000 sq ft grade A building, which is the home of property firm Colliers International, in an undisclosed deal.
James Heather, partner at Argent, said the sale reflected growing interest and confidence in the regional office market and left the company better able to focus on Paradise Circus.
He said: "Our decision to now sell the building is both a response to the improving market conditions and also provides the opportunity to fully concentrate on the growing momentum for our Paradise Circus scheme in Birmingham which is due to start on site later this year.
"Eleven Brindleyplace has a track record of attracting many well-respected and valued occupiers, who have chosen to locate their businesses within an actively managed building.
"We are pleased to be able to announce that Colliers have recently extended the term of their lease within Eleven Brindleyplace and will shortly commit to a full refurbishment of their demise.
"We are confident that Benson Elliot will continue to develop the offer and will maximise the opportunities the building presents."
In 2010, Eleven Brindleyplace was named 'Best of the Best National Commercial Workplace' by the British Council for Offices.
James Jakeman, principal at Benson Elliot, said: "With its focus on smaller, high-quality floorplates, Eleven Brindleyplace represents a unique proposition within the Birmingham office market.
"Its location on a managed, mixed-use estate puts amenities and public transport links on its doorstep. We are very pleased that we have been able to come to an agreement with Argent."
Eleven Brindleyplace features a number of innovations, including Meetingspace, which offers state-of-the-art, internally-managed meeting room facilities and a stylish business lounge.
These facilities are open to use by all building tenants, removing the need for them to incorporate meeting rooms into their floorplates.
Current occupiers at Eleven Brindleyplace include Allegis, Capita, Friend LLP, Global Radio, Hettle Andrews & Associates, Robert Walters, TEK Systems & Aston Carter, the West Midlands headquarters of the Institute of Directors, Colliers International and Argent.
Benson Elliot was represented by GVA in the sale, with GBR Phoenix Beard acting on behalf of Argent. Benson Elliot has appointed Cube Real Estate as asset manager.
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