Tishman Speyer Buys 233 KSF London Office
- Jul 17, 2014
London calling. Tishman Speyer acquires its second office property in the U.K. capital in three months with the purchase of The Point, a 232,800-square-foot office building in the Paddington area of the city’s West End. The real estate company snapped up the Class A property from Hermes and WELPUT for £210 million, or approximately $359 million.
A decade can make quite a bit of difference. The Point last traded for $233.9 million in 2004.
Carrying the address of 37 N. Wharf Rd., The Point first opened its doors to tenants in 2002. Today, the 11-story tower is fully occupied by a bevy of tenants including AstraZeneca, British Energy and telecommunications company Orange, which had preleased the building in 2001.
Tishman Speyer has long been fond of London; the company has invested approximately $4.5 billion in assets totaling roughly 5 million square feet over the last 20 years. Most recently, in April, Tishman acquired 33 Holborn, the 328,000-square-foot corporate headquarters of supermarket giant Sainsbury’s.
“We have a very positive long-term view of the London office market and we are continuing to seek both development and acquisition opportunities accordingly,” Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer noted in a prepared statement.