A consortium comprising Green Property plc (50%) and a syndicate of Irish investors (50%) has acquired the freehold of the 40,000 sq m (425,000 sq ft) River Court in London's Fleet Street, from Itochu Corporation for £246.5m.

River Court, perhaps better known as the former home of the Daily Express, is leased to Goldman Sachs and, following redevelopment, will house the company's European headquarters adjacent to its existing offices, Peterborough Court.

Goldman Sachs has a 25 year lease with a break after 20 years. Green says the property generates income of £15.6m per annum. Commenting on the deal, Stephen Vernon, Managing Director of Green Property, said: "This acquisition represents the largest ever deal in London's Midtown area.

We are extremely pleased to have secured this flagship property with such a strong covenant and have no doubt that the property offers considerable reversionary potential."

Richard Byatt