INDUSTRY NEWS

Mitsubishi acquires new London office space

Japanese Investor, Mitsubishi Estate Company has won a bid to secure essential London office space seeing off around 20 other bidders for the property according to a leading London property organisation.

150 Leadenhall Street was originally said to have been marketed for £25 million but it has been sold for £35 million to the major corporation.

The building is also the UK headquarters for another Japanese corporation, Tokio Marine as well as a leading bank but both of these leases are due to expire sometime next year.

Commenting on the acquisition, MEC’s new UK managing director, Hiroyuki Arimura said: “This building is particularly attractive to MEC because of its excellent location. This acquisition underlines our commitment to London and the UK market and follows on from the success of our Paternoster Square and Central Saint Giles redevelopments in the City and West End respectively.”

150 Leadenhall Hall Street currently comprises 57,000 sq ft of office accommodation but has the potential for redevelopment to extend it to 80,000 sq ft.

Commercial office space news brought to you direct from DeVono Cresa, experts on London office space.