LONDON-A joint venture of Hines and HSBC Alternative Investments Ltd., the private banking group of the firm, have purchased the two-office Broadgate West complex here. A company owned by Peter Marano and Michael Dennis, which developed the entire complex and will retain some property, reportedly sold the fully-leased Broadgate West buildings to the venture for about $447 million.
The complex includes a 243,000-square-foot, 10-story building that was opened in 2000, and a 12-story 214,000-square-foot building that opened in 2003. Both are fully leased to tenants such as Ashurst, GFI, Shearman & Sterling and UBS.
Hines had pursued the deal for some time, and Brookfield Properties was involved to assist until the company pulled out late last year. Ross Blair, managing director of Hines UK, there are some additional high-profile restaurants due to open in the building soon. “These will further enhance the appeal of this micro location,” he said in a statement.
Blair said his firm is a strong believer in the London office market, where Hines is acting on more than two million square feet of projects valued at $1.2 billion. Hines manages offices such as Cannon Place, 280 High Holborn and Two Snowhill.
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.
