LONDON-The Blackstone Group has bought out Irish Life’s long leasehold interest in the 266,786-sf Vintners’ Place office building, on the banks of the Thames in the City of London, for £15.3 million ($22.3 million). The deal follows Blackstone’s £105.7 million purchase of Pillar and Schroder’s interest in the building in August 2001.

Vintners’ Place was completed in 1992 and is multi-let. The main tenants are HSBC and JP Morgan Chase. A number of rent reviews are currently outstanding, but once they are settled the building is expected to produce £8.12 million ($11.9 million) per annum. Under the terms of its lease, Irish Life had the right to receive 10% of all rents. It bought its interest in January 2000 for £11.95 million ($17.5 million).

Blackstone now owns an unencumbered 138-year lease on the property from the Vintners’ Company–one of the medieval craft guilds of the City of London–subject to a head rent equivalent to 7.5% of rents receivable or £1 million ($1.46 million) per annum, whichever is the greater.

Jones Lang LaSalle advised Blackstone and Invesco Real Estate Advisers represented Irish Life.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.