Birmingham-based property group (REI) has sold Cathedral Place to assurance company Canada Life for £4.6 million.
The 12,933 sq ft building, at 42-44 Waterloo Street in Birmingham city centre, is home to REI's head office, recruitment consultancies Greenwell Gleason and Key Personnel and charity Shaw Trust.
The sale represents a price of £356 per square foot and a net initial yield of 4.12 per cent.
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It follows the to spearhead the company's programme of acquisitions and disposals.
REI's chief executive Paul Bassi said: "This sale is significantly above our book value and more accurately reflects the potential value of properties within our portfolio and reveals a much improved regional property investment market.
"We continue to receive interest in a number of our properties and are in talks on other sales which will provide REI with returns in line with our expectations."
The deal follows on from a busy May which saw AIM-listed REI buy City Gate House in Leiceter, the and the former Sandwell College campus in Smethwick, Sandwell.
So far this year, REI has spent £8.6 million on acquisitions.
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He added: "Overall, we have 686,281 sq ft across 47 buildings and 151 tenants. Some 19.3 per cent is located in the prime Birmingham Colmore Business District and 84.4 per cent in Birmingham and the Midlands.
"During the first half of 2014, we have made excellent progress on lettings, acquisitions and sales.
"I anticipate continued further activity during the second half of the year in a significantly improved regional economy and property market. It remains our intention to secure REIT status within the near future."
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