INDUSTRY NEWS

Legal & General Sells Midtown Offices In London For £85.1m

One of Britain’s largest multinational financial services companies has reportedly agreed a deal to sell offices in London to a commercial property investment management firm.

Legal & General, which is the largest manager of UK pension assets, is set to sell 26 Red Lion Square, situated in London’s newly-dubbed Midtown district, to Orchard Street Investment Management LLP for around £85.1 million.

The office building was originally purchased by Legal & General in a deal worth £57 million back in 2010.

It provides 104,000 sq ft of office space, and is currently occupied by educational publishing company, TSL Education, and telecommunications specialists, Cable & Wireless Communications (CWC).

Midtown was first introduced as a name to cover the historic Bloomsbury, Holborn and St Giles districts back in 2010.

Gary Felce, a partner at Orchard Street Investment Management LLP, commented on the appeal the district had to the company in a statement.

He stated the district “is set for further growth, supported by the proliferation of businesses moving to Midtown and the forthcoming Crossrail station which will be opening just a short walk away.”

Based in the city, Orchard Street currently manages a portfolio featuring £3.3 billion worth of commercial real estate based in the United Kingdom.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *