Blackstone to buy City of London office Alban Gate for £300m


Blackstone is set to purchase 125 London Wall, also known as Alban Gate, for around £300m it has emerged.

The US private equity giant has made a move for one of the most well recognised City of London offices as part of a very active strategy in acquiring such commercial property in the City.

Only last year Blackstone also snapped up Lacon House for £90m, 20 Old Bailey for £95m from Mitsui Fudusan and 1 America Square from Nationwide Building Society in an off-market deal worth a reported £85m. The firm also sold its 50$ interest in Broadgate Estate to GIC in December 2013.

Carlyle acquired the 382,000 sq ft London office in July of 2010 and actually looked to sell it in December the same year. This latest attempt marked the second time the firm had looked to sell the building, with concerted efforts made from summer time last year. Prospective buyers had been mooted throughout this time, but only now has an agreement been struck.

Current occupants signed up for office space at Alban Gate include Nabarro, with the law firm agreeing to take up 138,000 sq ft of office space in 2012.

Further deals in the pipeline include a prospective move from Lloyds Banking Group to occupy around 100,000 sq ft of overflow space and publisher Reed Elsevier is almost ready to agree to terms on 50,000 sq ft of space. These deals will mean the building is fully let once confirmed.

By: Kirsty MacGregor

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