LONDON—DTZ Investors has bought 47 Mark Lane in London for $118 million (£73.3M) from Land Securities.
The acquisition marks London-based DTZ's largest purchase to date and increases the assets under its management to $7 billion (£4.56B), with $438 million (£280m) still left for allocation to direct property on behalf of its clients.
“47 Mark Lane is exactly the type of asset that DTZ Investors is looking for. The site offers a mix-used, multi-let income and it is located in a strong growth area, which is only going to get stronger with time,” fund manager Kevin O'Connor, DTZ Investors, said.
47 Mark Lane is a multi-let office and retail asset in the city, comprising 105,000 square feet of refurbished offices arranged over first to sixth floors, and ground floor retail accommodation.
Tenants include AXA Insurance, IBM UK, Pizza Express, Pret, Eat and Starbucks.
Strutt & Parker advised DTZ Investors on the purchase and Capital Real Estate Partners acted for the vendor Land Securities.
The announcement of the deal, made last week, came on the heals of the news released Nov. 5, that DTZ itself has been acquired by a private investment consortium of TPG Capital, PAG Asia Capital and Ontario Teachers' Pension Plan (the TPG & PAG Consortium).
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