INDUSTRY NEWS

Blackstone to add £80m Building 7 London office to Chiswick Park site

Property investor Blackstone is set to pump another £80 million into the construction of the final London office at its Chiswick Park business park.

Work is set to begin on the largest of the buildings, called Building 7, at the west London site next month – despite the fact that it has not yet secured a tenant.

Building 7 will be 12-storeys in height and will offer 334,000 sq ft of office space. It is expected to house over 3,000 office workers.

Once complete, it will bring the total amount of commercial office space at Chiswick Park to a total of 1.8 million sq ft.

Located on the borders of west London suburbs Chiswick and Acton, the site was originally bought by Blackstone in 2011 for £480m.

Recently the firm was rumoured to be interested in selling the site with a trio of Asian investors including China Investment Corporation, which has a 9.6% stake in Blackstone, rumoured to be looking at buying it for almost £800m. However, it is now believed that Blackstone may instead opt for refinancing the site instead.

Around 400,000 sq ft of space has already been let out on the site to tenants including Pepsi, Swarovski and Aker Solutions.

Blackstone in Europe head of real estate, Ken Caplan, said: ” We continue to see extremely strong demand for space at Chiswick Park both from existing and potential new tenants.

“This has given us the confidence to launch Building 7 and so complete the Park.”

The building is expected to be completed in December 2014.

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