Mitsubishi Estate Company (MEC) has announced it has acquired a 340,000 ft² (approx. 31,586 m²) London office block which is let to the British Government.
The 10-story 1-19 Victoria Street, SW1, which sits 200 meters from the British Parliament currently houses the Department for Business, Innovation and Skills and is let to the Government until 2021 with an annual income of just under £9.2 mln (approx. 11.2 mln).
No details of the acquisition have been released.
MEC's UK managing director, Hiroyuki Arimura said: "This building is located in Victoria which is a key location for British civil servants because it is very close to the Houses Of Parliament.
"It is a very central location, very well served by transport infrastructure. It is also an area which is currently seeing major redevelopment and attracting an array of new occupiers. For these reasons we believe the building is an excellent investment with longer term redevelopment potential.
"This acquisition marks MEC's debut in the City of Westminster, in London's West End and we very much look forward to being a part of the local community and making positive contributions to the Victoria area."
Savills advised MEC.