Tishman Speyer Acquires London Office Building

Tishman Speyer Acquires London Office Building

Commercial News » London Edition | By WPJ Staff | June 30, 2015 8:25 AM ET

Tishman Speyer announced this past week the acquisition of 100 New Oxford Street, WC1, a 105,000-square-foot office and retail building in London.
The property was acquired from the Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) London joint venture. It represents Tishman Speyer's third central London acquisition in the past year, following the 2014 purchases of the Sainsbury's headquarters at 33 Holborn and The Point office building in Paddington.
100 New Oxford Street includes six floors of modern office space and ground level retail. It enjoys a prominent location near the Centre Point redevelopment project and is surrounded by the strong Covent Garden, Holborn, Bloomsbury and Soho submarkets.  The property is close to the Tottenham Court Road underground station, which will feature Crossrail access by 2018, and is expected to deliver around 200 million passengers each year, providing a 10% increase to rail capacity in the capital and significantly reducing the travel times
Agreement was made to acquire the property in December 2014 when the building was 50 per cent leased, with the remaining space undergoing an extensive refurbishment. Since then all parties have worked together to secure two new tenants to date. A U.S.-based gourmet burger outlet will open its new London location, and an office lease with a shipping broker also has been signed. All of the remaining vacant space in the property is now under offer.
Dan Nicholson, who heads Tishman Speyer's UK platform, added, "This is an excellent addition to our London portfolio. In addition to enjoying a prime location, the recent renovations have made it extremely desirable to potential tenants, as evidenced by the strong leasing activity." 
Chris Taylor, CEO, Hermes Real Estate, said, "The sale of 100 New Oxford Street follows an intensive period of asset management, which has successfully repositioned this building on behalf of our joint venture partners. As a result we are actively looking to redeploy capital into further significant value-add asset opportunities across the capital."
Tishman Speyer would not comment on the purchase price, but people with knowledge of the transaction say the building sold for approximately £130 million pounds ($200 million USD).

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