INDUSTRY NEWS

Blackstone snaps up FCA London office HQ at Canary Wharf for £165m

Blackstone is set to snap up the Financial Conduct Authorities London office headquarters for a reported £165m

The property investment and private equity giant has placed 25 North Colonnade under offer at a value some £15m below the asking price of Evans Randall.

The FCA revealed a few months back it would be relocating away from its Canary Wharf office to take up residence on the site of the Olympic Park, at a development known as the international quarter.

In total, the watchdog will take up 430,000 sq ft of the £2billion project, moving its 3,000 staff to the new location in the process.

Blackstone itself has been busy in the London office market this week: The firm confirming in the last few days its move to purchase the well recognised London office building at 125 London Wall, Alban Gate for a figure reported to be £300m.

The firm has purchased the office from its fellow US-based global asset management firm Carlyle Group.

Blackstone is continuing its current trend of splashing out big figures on a number of developments. In just some of its big money deals last year, the firm purchased Lacon House for £90m, 20 Old Bailey for £95m and 1 America Square from Nationwide Building Society in an off-market deal for £85m.

At present, both parties have declined to comment on this latest deal.

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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