Ares, Black Mountain Partners Buy London Building
The 97,538-square-foot retail and office building at 68 King William Street will undergo renovations before housing new tenants.
LONDON – Ares Management Corporation’s Real Estate Group and Black Mountain Partners have acquired a London retail and office building at 68 King William St. in a joint venture transaction.
The 11-story, 97,538-square-foot building is located at the head of London Bridge, directly above Monument station. Often referred to as “the gateway of to the city,” the building currently houses a mix of tenants, and will soon be occupied by Pure Gym and Spaces, the co-working offshoot of Regus. The Wolseley, the restaurateur, will open its second location at 68 King William St., occupying the ground floor of the building. All openings are subject to planning approval.
The building will undergo a comprehensive refurbishment, as Black Mountain Partners will act development managers on the project. This acquisition is the first transaction for Black Mountain Partners, which was founded in 2018.
Ares Management, founded in 1997, is a publicly-traded, global alternative asset manager with 19 offices worldwide. The company manages three investment groups in credit, private equity and real estate and holds approximately $137 billion of assets under management.
Black Mountain Partners is a London-based real estate development company, founded last year by Oliver Corlette. The firm aspires to buy, invest in and create real estate opportunities; primarily focusing on renovating and repositioning major office and retail assets across London.