INDUSTRY NEWS

Tishman Speyer purchase new property at 100 New Oxford Street

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Real estate building and operating company Tishman Speyer Properties have acquired new office space in London for an estimated £130m. Located at 100 New Oxford Street, the building is comprised of 105,000 sq. ft of space, and is designed for both office and retail.

This latest purchase comes as Tishman Speyer’s third procurement in the last 12 months, following the acquisitions of the Sainsbury’s headquarters at 33 Holborn and The Point office building in Paddington in 2014.

100 New Oxford Street will include 6 floors of office space sat on top of ground level retail space. The building is currently more than 50% leased, leaving the remaining vacant space still under offer.

Acquired from the Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) London joint venture, the agreement to purchase was made in December 2014, and has since signed two new tenants – including a restaurant chain and shipping broker.

Hermes Real Estate, CEO, Chris taylor, said, “The sale of 100 New Oxford Street follows an intensive period of asset management, which has successfully repositioned this building on behalf of our joint venture partners. As a result we are actively looking to redeploy capital into further significant value-add asset opportunities across the capital.”

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.

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