LONDON—Tishman Speyer has acquired a 328,000-square-foot (30,468-square-meter) London office property that serves as the headquarters for Sainsbury’s, a leading UK supermarket company.
Completed in 2001, 33 Holborn was designed by Foster & Partners specifically as an international standard headquarters property.The property, which is located where London’s Midtown and City submarkets meet, is fully leased to Sainsbury’s through 2026.
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,” Co-CEOs Jerry and Rob Speyer said in a statement. “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 German-based Union Investment. Financial terms were not disclosed.