A consortium led by Russia’s leading investment bank VTB Capital, including TPG Holdings and China Investment Corporation, international developer AIG/Lincoln, and Coalco Development have today announced the completion of their sale of White Gardens, a Class-A office center in Moscow, to Millhouse LLC. The deal was facilitated by Jones Lang LaSalle.
Located just off Tverskaya Street, Moscow’s central corridor, White Gardens comprises two office buildings totaling approximately 64,000 m² of rentable area, and five underground levels of parking with 960 spaces. White Gardens is situated next door to White Square Office Centre, which was sold by the same development team in late 2012 for a record sum of $1 billion.
Designed as a "green” office complex, with a focus on energy efficiency, environmentally friendly materials, and a construction process geared toward minimizing environmental impact, White Gardens is in the process of earning environmental certification from BREEAM, one of the world's leading environmental rating systems for office buildings.
John Mann, Millhouse LLC, said: “White Gardens is a key addition to Millhouse’s property portfolio. We believe that the experience of the development team and the quality of building construction resulted in the creation of a first-class product that is in high demand in the market. Its investment attractiveness will only continue to grow over time.”
Source: Jones Lang LaSalle