INDUSTRY NEWS

Iconic London office The Ark sold to private overseas client for £67m

GE Capital has sold its London office headquarters, known as The Ark, in a property deal said to be worth £67m.

The iconic building, located in Hammersmith, west London, has been purchased by a private overseas client of Citi Private Bank.

Designed by Ralph Erskine and completed by Swedish develop AKe Larsson in April 1992, the ten-storey London office is one of the capital’s most eye-catching structures – gaining its name due to it looking similar to Noah’s Ark.

A spokeswoman for GE said: “GE Capital Real Estate has completed the sale of The Ark with a client of Citi Private Bank. GE will continue to occupy the majority of the office space in the building.

“Selling the Ark is very much in line with GE Capital Real Estate’s publicised strategy to lower its ownership of commercial properties, selling in advantageous market conditions, and increase its focus on real estate debt lending.”

GE Capital purchased the Ark back in 2006 as part of a joint venture with O&H Properties. The pair purchased the property from Deka UK for £49.5m in the March and then went about splashing over £20m on major refurbishment.

The Ark was first brought to market by GE Capital 12 months ago, although the firm still occupies 95% of the 151,000 sq ft of London office space.

A small building currently let to Hammersmith and Fulham council and located next to the Ark is also part of the 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.