JLL appointed to sell ITN building in London for £140 million (UK)

Beacon Capital Partners, the Boston-based US investment management group, has instructed real estate firm Jones Lang LaSalle as sole agent to sell 200 and 214 Gray's Inn Road, WC1 in London, which currently generates an annual rent of £8.9 million. Offers in excess of £140 million (approx. €158 million) are being invited.

Grays Rd External Picture

200 Gray's Inn Road is home to the corporate headquarters of ITN, the British broadcaster and news provider.

Andrew Hawkins, Director in Jones Lang LaSalle's City Investment team, said: "These iconic grade-A properties are some of the best office buildings in London's midtown. They offer excellent reversionary potential with over 87% of rent reviews due during the next two to three years, during which time rental growth of 20% is forecast in London's Midtown."

Designed by Foster and Partners and built in 1990, 200 Gray's Inn Road is home to the corporate headquarters of ITN, the British broadcaster and news provider and is where the Channel 4 News and News at Ten are produced live.

The building provides nearly 250,000 ft² (approx. 23,225 m²) of space with a virtual freehold and has recently undergone an extensive refurbishment program including a new modern double height reception as well as the vast galleried atrium at the core of the building. In addition the adjoining building, 214 Gray's Inn Road, provides over 45,000 ft² of space including 85 car parking spaces bringing the total size of the site to 1.26 acres.

Hawkins continued: "Midtown is a unique Central London location between the West End and City markets. Traditionally dominated by legal and accountancy professionals, the area now plays host to an eclectic mix occupiers including major investment banking firms, large corporates, retail, hotel and leisure occupiers."

Other occupiers in the area include Mitsubishi, Allied Irish Bank and Warner Brothers. Both buildings are in close proximity to four London underground stations and within a 10 minute walk of St Pancras International providing Eurostar links to continental Europe. They will also benefit from Crossrail opening at a station in Farringdon in 2018.

Source: Jones Lang LaSalle

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