LONDON—Tishman Speyer, has completed 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 US-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 and 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 in a statment. “The Point is an excellent addition to our portfolio.”
Dan Nicholson, managing director in charge of Tishman Speyer’s UK 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.