Cornerstone Real Estate Advisers Europe (‘Cornerstone’), a subsidiary of Cornerstone Real Estate Advisers LLC, one of the largest global real estate investment managers, has acquired the Davidson Building in Covent Garden for £66.2m (€93.6m) from Derwent London plc.
Davidson Building is fully let to six tenants, including Astus, First Utility, and the British Computer Society. The ground floor retail unit is let to Sainsbury’s. The 4,106 m² building comprises of 2,954 m² of office space and 1,151 m² of retail space.
The building is located in the heart of Covent Garden, central London, and includes an original Edwardian façade while the remainder of the building provides modern office facilities. Features include a double-height reception with architectural space, cantilevered atrium balconies on the second and third floors, and external terraces on the fifth floor. Upon completion in 2003, Davidson Building won the RIBA Award for Commercial Building 2004, and the IAS/OAS Property Week Award for Best London Development 2003.
Darren Hutchinson, senior director – fund management at Cornerstone Europe, said: “Davidson Building is an attractive and contemporary prime office in Covent Garden, fully let to good quality tenants and offering long term rental value growth potential. The micro location continues to strengthen with the improving immediate environs yet still offers occupiers relative value in the context of the West End and other London submarkets.”
Jorge Duarte, senior director - fund management at Cornerstone Europe, added: “This acquisition is an important first step in implementing our pan European strategy to invest in core real estate assets across the key markets in Europe. The acquisition of Davidson Building provides exposure to one of the major global markets and will offer access to the strong occupational dynamics of London.”
