Land Securities has sold Eland House, SW1, from its London Portfolio for £171.1 million (approx. 204.5 million) to Tishman Speyer. The building sits on Bressenden Place and is located just outside the completed Cardinal Place scheme and opposite the proposed Victoria Circle scheme.
Built by Land Securities in 1995, Eland House comprises 253,000 ft² (approx. 23,500 m²) let to HM Government and currently houses the Department for Communities and Local Government (DCLG). The building is let under a lease expiring in 2021 with a tenants break clause in 2016 at a rent of £12.35 million per annum.
Commenting on the sale Robert Noel, Managing Director of the London Portfolio said: "Eland House does not form part of our ambitious masterplan for Victoria. The proceeds from the sale will be recycled into other opportunities within the portfolio."
Julian Stocks, Managing Director, UK Tishman Speyer said: "We are delighted with this latest addition to our London portfolio which follows recent purchases in Frankfurt and Paris. Eland House is a grade-A office building in a great location which will improve further as Land Securities develop their Victoria Circle Scheme."
CBRE acted for Land Securities and Jones Lang LaSalle advised Tishman Speyer.
Source: Land Securities