HB Reavis has completed the acquisition of 33 King William Street, EC4, a prime development site between Bank and London Bridge in the City of London, for £62.5 million (approx. €75.5 million). The acquisition is the company’s first in the UK and marks the beginning of its expansion to the London office market.
The existing building on the site is fully rented until June 2014 to BlackRock, the world's premier asset manager. Upon expiration of the lease, HB Reavis intends to commence demolition of the current building, with construction beginning immediately thereafter on a speculative basis.
The site has planning consent for a new 229,755 ft² (approx. 21,344 m²) grade-A office building, which will be completed in the second half of 2016. The new nine-story building has been designed by John Robertson Architects. HB Reavis was advised by Knight Frank and Norton Rose Fulbright.
“We see this project as a unique opportunity, with an exceptional office building in an excellent location. Our intention is to continue investment in additional high-quality development opportunities in London into 2014. We look forward to establishing our company as an active contributor to London’s world class real estate community”, said Tomaš Jurdák, Director of HB Reavis UK.
“We have recently made a strategic decision to enter the commercial development market in London, as we strongly believe in the market’s fundamentals. Our plan here is to apply key elements of our successful integrated business model, building up a robust development portfolio and a strong local professional team” said Radim Římánek, Board Director of HB Reavis Group with responsibility for its UK business.
Source: FTI Consulting