INDUSTRY NEWS

Blackstone buys London office from Brookfield Property Partners

Blackstone Group has purchased a new London office for £320m from their property rivals Brookfield Property Partners.

The 330,000 sq ft building is located in the financial district of the UK capital, close to the Bank of England.

Current occupants of the former London stock exchange tower on 125 Old Broad Street, include broker DTZ and  law firms King & Spalding and Gide Loyrette Nouel.

This new London property is another in New York firm, Blackstone Group’s growing portfolio. Earlier this month it purchased Alban Gate for £330m from the Carlyle Group.

Commenting on this, Blackstone head of real estate, Ken Caplan, said: “This is our second investment in London this year within our core-plus strategy following our acquisition of Alban Gate. We continue to believe strongly in London across our real estate platform. We want to thank Brookfield for the opportunity to acquire such a high quality asset.”

The London office space was acquired by Brookfield Property Partners in October 2013. The office space at Old Broad Street stands at 100 metres tall and has 26 floors.

Brookfield Property Partners president and chief operating officer, Martin Jepson, said that the sale was great news for both parties, stating that 125 Old Broad Street is a quality asset.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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