Ivanhoé Cambridge has bought a prime office asset in London, U.K. from Hines Global REIT for £112 million.

Stonecutter Court is a Grade A property in midtown, primarily leased to Deloitte—a significant occupier in the area.

With the new buy, Ivanhoé will continue to equip itself for further development in England’s most populous city.

“London is one of the key European cities in which Ivanhoé Cambridge wants to build a critical mass of high-quality assets,” said Meka Brunel, executive vice-president of Ivanhoé Cambridge (Europe). “Stonecutter Court’s location in midtown and its overall features respond precisely to our long term investment objectives.”

Built in 1995, Stonecutter Court is less than a half-mile from three underground metro stations and three rail stations.

Ross Blair, senior managing director of Hines U.K. was pleased with the quick transaction.

Since Hines acquired the 150,000-square-foot building in 2011, there have been significant improvements in midtown.

DTZ represented Hines Global REIT, while CBRE and Greycoat acted for Ivanhoé Cambridge. Greycoat will be the asset manager.