INDUSTRY NEWS

Tishman Speyer secure Eland House in deal worth £171.1m

Tishman Speyer, has completed a deal for the acquisition of London office space.

The real estate company has paid Land Securities around £171.1 million for Eland House.

Originally built in 1995 by Land Securities, the 253,000 sq ft building is currently occupied by the government’s Department for Communities and Local Government – with a lease expiration date of 2021.

Managing director at UK Tishman Speyer, Julian Stocks, commented on the company’s latest purchase.

He said: “We are delighted with this latest addition to our London portfolio which follows recent purchases in Frankfurt and Paris.

“Eland House is a Grade A office building in a great location which will improve further as Land Securities develop their Victoria Circle Scheme,” he added.

Robert Noel, Land Securities’ managing director of the London portfolio, revealed that money from the sale would be put towards other ventures.

He said: “Eland House does not form part of our ambitious masterplan for Victoria. The proceeds from the sales will be recycled into other opportunities within the portfolio.”

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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