Tishman Speyer Continues London Portfolio Growth by Acquiring Midtown Corporate HQ Property
LONDON, April 29, 2014 /PRNewswire/ -- Tishman Speyer announced today that it has acquired a 328,000-square-foot (30,468-square-meter) London office property that serves as the headquarters for Sainsbury's, a leading supermarket company. The property, which is located at 33 Holborn where London's Midtown and City submarkets meet, is fully leased to Sainsbury's through 2026.
Completed in 2001, 33 Holborn was designed by Foster & Partners specifically as an international standard headquarters property. It features large floorplates, a gym and auditorium for tenant use, retail space, a restaurant and underground parking. It sits within 200 meters of Farrington Station, which will become one of London's key transport hubs when Crossrail service is initiated there in 2018.
Established in 1869, Sainsbury's is the UK's second largest grocery retailer and is a FTSE 100-listed company, with more than 1,100 stores.
"Tishman Speyer has been active in London since 1995, investing approximately $4.25 billion in 4.5 million square feet of properties over that time period," said Co-CEOs Jerry and Rob Speyer. "This acquisition is consistent with our positive long term view of the European commercial real estate markets and is an excellent addition to our portfolio, which consists of signature properties leased to blue chip organizations. We will continue to seek opportunities in London and on the European continent."
Dan Nicholson, Managing Director in charge of Tishman Speyer's UK platform, added, "33 Holborn is a top quality building within a micromarket that is growing rapidly in strategic importance within London. This is evidenced by the demand in this location from major companies across a broad range of sectors. We welcome the opportunity to serve Sainsbury's office needs at this property during the years ahead."
The seller was Union Investment, a German-based investment company specializing in open-ended real estate funds for private and institutional investors. Financial terms were not disclosed.
About Tishman Speyer (www.tishmanspeyer.com<http://www.tishmanspeyer.com/>)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of December 30, 2013, the firm had acquired, developed and/or managed a portfolio of approximately 129 million sq. ft. with a total value of approximately USD $66.2 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, São Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Suzhou and Tianjin.
SOURCE Tishman Speyer