The borrower upgraded the building and is now in the process of letting the new office spaces.
Dominic Gibson, fund manager at Octopus Retail (pictured), said the Clerkenwell district “offers a vibrant range of office accommodation and attracts key players in the media, marketing and technology sectors, with LinkedIN’s recent arrival in the area underlining this.”
The 33,000 square foot office is expected to benefit from the opening of the new Elizabeth Line station at Farringdon, which is slated for 2021.
Gibson said: “London remains a very attractive location for office investment and occupation. We are delighted to have completed another notable loan in the city.”
Octopus has agreed “numerous” commercial loans across the country this year including in Derby, Harlow, London, Luton, Manchester, Watford and Welwyn Garden City, it said.
Myles Williams, chief executive at First 4 Bridging, which recently became regulated, said: “This project is another example of the booming London office market. We were delighted to be instructed to source and secure funding for the borrower. Octopus was flexible and worked tirelessly to deliver within tight timelines.”