Tishman Speyer has acquired the predominantly office property, ‘The Economist Plaza’ in St James, London using a £75m (€95) facility from pbb Deutsche Pfandbriefbank. Tishman Speyer Properties UK Limited is acting as property manager to the transaction, which closed in March 2016.
The Economist Plaza was first developed in 1964 and refurbished in 1990. Designed by renowned architects Peter and Alison Smithson, the property comprises three mixed-use buildings (Tower Building, Bank Building and Residential Building) totalling approx. 81,000ft² (7,525m²) arranged around a central plaza.
Charles Balch, head of real estate finance international clients, UK & CEE at pbb Deutsche Pfandbriefbank, said: “We are delighted to have worked together with Tishman Speyer on this landmark transaction and continue our excellent relationship with them. The UK continues to be a core market for us and we are delighted to be able to support a pan-European highly valued customer.”
Dan Nicholson, head of UK at Tishman Speyer: “The acquisition of The Economist Plaza, which further expands Tishman Speyer’s portfolio in London, has been realised with the support of our long valued partner pbb Deutsche Pfandbriefbank. We have a very positive view of the London commercial real estate market and we look forward to repositioning this property as a best-in-class West End office destination.”
