INDUSTRY NEWS

Trio pay £795m for 10 Upper Bank Street, Canary Wharf office

Clifford Chance’s headquarters in Canary Wharf has been snapped up in a deal worth a massive £795m.

The Canary Wharf Group owned property has been purchased by a partnership of three investors.

China life, the country’s largest insurer, was rumoured to have launched a bid for the  32 floor, 10 Upper Bank Street London office building, early last week and the deal has now been confirmed by owner Canary Wharf Group.

The insurer has control over the main bulk of the property, with a 70% interest, but Qatar Holdings have a 20% interest and CWG retain a 10% interest in the property.

CWG issued a statement which read: “CWG believes this transaction represents a great example of the kind of partnership which illustrates the attraction of London as a world city, as well as helping to maximise international relationships.”

The mammoth price-tag makes the deal one of the biggest in London’s commercial property sector this year. 10 Upper Bank Street offers more than 1m sq ft of Canary Wharf office space, one of only five buildings in the capital to offer such space.

Clifford Chance have been struggling to fill its spaces for over a year CC has been in talks to sublet the floors for some time after the London Organising Committee of the Olympic and Paralympic Games (LOCOG) vacated its space in the months following the 2012 Summer Olympic Games.

It was unable to fill the office when it moved in 2000 and let 100,000 sq ft back to Canary Wharf. In 2002 the firm exercised an option to take on an additional 215,000 sq ft of space in the building but due to revised growth predictions it was left with two empty floors

The deal marks the second major acquisition by a Chinese  insurance group in London. Only last year, Ping An, acquired the Lloyd’s of London building in deal worth a reported £260m.

Current tenants at the property include Clifford Chance, MasterCard and Total.

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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