Tishman Speyer Acquires Office Building in London’s West End | Announcements | Tishman Speyer


Tishman Speyer Acquires Office Building in London’s West End

London, UK July 16, 2014

Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, today announced the acquisition of The Point – a 232,772-square-foot office building located in the Paddington area of London’s West End.

The fully-leased 11-floor Class A property, known for its distinctive design resembling a ship’s prow, features floor plates of up to 23,000 square feet. It sits beside the Grand Union Canal within the Paddington Basin redevelopment area, close to Paddington Station and two pedestrian bridges. Paddington will serve as a major Crossrail hub, thereby making the area even more compelling to potential tenants.

The Point is Tishman Speyer’s second London acquisition in 2014, after acquiring the Sainsbury’s corporate headquarters property at 33 Holborn in April. The U.S.-founded firm has been active in London for nearly 20 years, investing approximately $4.5 billion in nearly 5 million square feet of properties over that time period. In addition to The Point and 33 Holborn, other current holdings in London are Sanctuary Building sand Eland House for which planning consent was recently obtained for a major redevelopment that will deliver 320,000 square feet in early 2016.

“We have a very positive long-term view of the London office market and we are continuing to seek both development and acquisition opportunities accordingly,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “The Point is an excellent addition to our portfolio.”

Dan Nicholson, Managing Director in charge of Tishman Speyer’s U.K. platform, added, “This first-class property is perfectly situated to benefit from the opening of Crossrail. Demand is very heavy for such strategically-located assets and we are pleased to have secured such an investment.”

Financial terms of the transaction announced today were not disclosed.

About Tishman Speyer (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 March 31, 2014, the firm had acquired, developed and/or managed a portfolio of approximately 130 million sq. ft. with a total value of approximately USD $66.9 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.