INDUSTRY NEWS

Bishops Square London office space sold for £557million

The biggest London office deal this year has been completed after office complex Bishops Square was bought by JP Morgan Asset Management for £557 million.

The 825,000 sq ft property is the headquarters of law firm Allen & Overy and is located next to Spitalfields Market.

Bishops Square is being sold by Hammerson, the FTSE 100 property company, and the Oman Investment Fund (OIF).

The complex consists of 774,000 sq ft of London office space and an additional 40,000 sq ft of retail space.  Designed by Foster & Partners, the complex has been recognised with several awards, including Best Commercial-led Regeneration Project of the Year (2006) and British Urban Regeneration Award (2008).
Hammerson completed the office development in 2005 as part of the regeneration of the Spitalfields area.

Peter Reilly, head of JP Morgan Asset Management’s European real estate group, said: “We remain bullish on investing in high-quality, well-tenanted office properties located throughout Europe’s most important cities and this acquisition represents a further expansion of our funds’ core property portfolio in Europe.”
 
Commercial property news brought to you direct from DeVono Cresa, specialists in the London office marketplace.

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