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Atlas Capital Buys Stake in London Landmark

LONDON-With equity from Lehman Brothers Real Estate Partners the New York-based investment firm acquires 50% of 20 Gracechurch St. for US$200 million.

By Brian K. Miller | Updated on January 23, 2007

LONDON-Atlas Capital Group LLC of New York City and Lehman Brothers have acquired a 50% stake in a largely empty freehold landmark tower here from Morley Fund for US$200 million (100 million pounds). The 16-story, 327,166-sf structure is located at the corner of Lombard and Gracechurch streets in the heart of the city.

Completed in 1994 for use by Barclays Bank, 20 Gracechurch St. has 260,878 sf of office space, 53,224 sf of retail space and 13,064 sf of storage. The building is mostly unoccupied at the moment, clearing the way for the structure to be partially re-clad and completely refurbished. The makeover is slated for completion in early 2008.

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