Monday, 12 January 2015
Tishman Speyer to acquire another office building in London’s West End (UK)
Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, announced an agreement to acquire 100 New Oxford Street, WC1, a 103,500 ft² (9.569 m²)office and retail building in London.
The transaction, expected to close during the first half of 2015, will be the firm’s third central London acquisition in recent months. It follows the 2014 purchases of the Sainsbury’s headquarters at 33 Holborn and The Point office building in Paddington.
100 New Oxford Street, which is being acquired from Hermes Investment Management and Canada Pension Plan Investment Board, enjoys a prominent location surrounded by the strong Covent Garden, Holborn, Bloomsbury and Soho submarkets. The property is close to the Tottenham Court Road underground station which will, in 2018, feature Crossrail access, and includes six floors of modern office space and ground level retail. The current owners have refurbished the upper four floors and will finish the retail level and remaining office floors before the transaction is completed.
Currently 50% leased, the property stands to benefit in attracting new tenants not only due to its location and recent renovations, but also from Tishman Speyer’s reputation for superior service and overall operating standards.
“Demand for first-class office space in the world’s great cities continues to grow,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “We endeavor to meet that demand via ground-up development and selective acquisitions of existing properties. We continue to have a very positive long-term view of the London office market and look forward to the possibility of expanding our presence further.”
Dan Nicholson, who heads Tishman Speyer’s UK platform, added, “With the recent and current renovations, this property will offer an excellent option for tenants seeking superior space in a prime location. We look forward to taking advantage of the opportunity to meet the local market need for such space.”
Financial terms of the transaction were not disclosed.