INDUSTRY NEWS

Blackstone buys London office from property rival Carlyle Group

Blackstone Group has bought a London office from fellow American global asset management firm, Carlyle Group for £300m.

The 382,000 sq ft London office, 125 London Wall, is located in London’s financial district, Alban Gate and is leased by JPMorgan Chase. Rumours of the purchase first emerged back in April but the Carlyle Group has now confirmed the sale.

Carlyle Group first acquired the property in July 2010 before putting the property up for sale in December 2010. The sale was withdrew in August 2011 due to bids not meeting the firm’s expectations. The final sale comes just two months after the value of central London offices increased by 1.8%.

Carlyle Group managing director, Mark Harris, said: “Demand for this type of asset in today’s market, combined with the recently completed asset-management work undertaken by the property’s tenant, provided an excellent opportunity to realise value.”

Current occupants at the distinctive 125 London Wall office building include the law firm Nabarro, which agreed to take up around 138,000 sq ft of office space back in 2012.

Furthermore, it emerged last week that Lloyds Banking Group would most likely be taking up 100,000 sq ft of the office space, while publisher Reed Elsevier would also be taking 50,000 sq ft of office space. If the deals are agreed, this will then take the building to maximum occupancy.

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.