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LONDON-Lehman Bros and the Witkoff Group have sold Shell Mex House to the Rotch Group, the investment vehicle for the Tchenguiz brothers, for £327.5 million ($475 million). They only bought the building in 1999 for £163.5 million ($238 million), through a special purpose vehicle called Ivybridge Holdings.

The 550,000-sf office art deco building, next to the Savoy hotel at 80 The Strand, is one of the landmarks on the River Thames. Ivybridge refurbished the space–formerly occupied by Shell–before re-letting it to Pearson, Shell, Omnicom, Vizzavi and Holmes Place.

Insignia Richard Ellis advised Lehman Bros and Witkoff. Director Stephen Hubbard said: “The sale of Shell-Mex House 80 Strand to Rotch represents the largest single property transaction in Central London, and has concluded an extremely successful period of ownership for Ivybridge Holdings through the refurbishment, leasing and now the sale of this landmark asset.”

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