Blackstone announces that Blackstone Real Estate Partners Europe III has successfully completed the sale of Lacon London, 84 Theobalds’s Road WC1 to a private investor for €309.4m (£285m).
Blackstone acquired the 220,885 ft² freehold property in July 2013 and following lease expiry of the sole office tenant in 2014, undertook a comprehensive refurbishment and repositioning of the building. The refurbishment was designed by renowned architects Sheppard Robson and Morey Smith and involved upgrading the property to a modern Grade A specification throughout including remodelling of the reception and the addition of a roof terrace with panoramic views across London. The high quality refurbishment and key central London location attracted a range of tenants from the creative, TMT, automotive and legal sectors including Arriva and Exterion Media.
Anthony Myers, Blackstone’s Head of Real Estate Europe, said: “The sale of Lacon London is testament to the ongoing success of our central London portfolio strategy. Lacon is a landmark building which has undergone significant refurbishment to reinvigorate the office space and secure major leases as the demand for premium office space in central London has remained strong.”
Blackstone was advised by Savills and JLL, and the purchaser was advised by CBRE and Dentons.
