LONDON-Tishman Speyer has purchased the 253,000-square-foot Eland House SW1 here from Land Securities for about $263 million. The property on the corner of Stag Place is fully leased by the national Department for Communities and Local Government.
New York City-based Tishman is expanding its global reach, having just two weeks ago purchased two other office buildings in Europe. The company bought the 280,000-square-foot Pont Cardinet office development project in Paris and the 175,000-square-foot Weserstrabe 54 office in Frankfurt. The price of these buildings was not announced.
Land Securities redeveloped Eland House in the 1990s for the British government, which has a lease expiring in 2021 and a tenant break clause in 2016. Robert Noel with Land securities said in a statement that the site is not part of the company’s Victoria Circle project, which will redevelop Kingsgate House into three buildings, two office and one apartment complex. “The proceeds from the sale will be recycled into other opportunities within the portfolio,” Noel said.
Six months ago, Tishman also purchased another government-leased property here. The company’s Core European Fund is reported to have paid about $271 million for the Sanctuary Buildings in Westminster, with a $169 million loan from Barclays Real Estate, in August 2011.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
