LONDON—Just a week after buying the tallest building in the United States, Blackstone Group has entered an agreement with the UK's Land Securities to purchase the firm's 95% stake in Times Square, London, EC4. The deal was worth, $399.44 million (£268.4M), and it is expected to be completed at the end of July.
The 380,000 sq ft office building at 160-162 Queen Victoria Street is fully leased to six office tenants, including Bank of New York Mellon and law firm Dechert, until 2023.
"We've recently carried out some lease re-gearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development program," said Colette O'Shea, managing director, London Portfolio at Land Securities.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
