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Direct co-investing platform for UK and European real estate FORE Partnership has announced the acquisition of Tower Bridge Court, which it plans to convert into flexible workspace in collaboration with developer Landid.
The company has purchased the site from mutual marine insurance provider West of England, the building’s main occupier. The building is also sublet to multiple tenants on leases which will expire in July 2019.
FORE is backed by various family offices and private investors, and debt financing for the deal was provided by ICG Longbow.
Commenting on the plans, the firm’s Managing Partner Basil Demeroutis has said: “We believe buildings of the future not only need to focus on reducing carbon output, but also must foster creativity and innovation while at the same time bring about a positive community impact. These are all interlinked. With intensifying competitive forces, increased pace of technological disruption, and fast-moving social and demographic changes, we need to re-appraise how people live, work, and interact with different forms of real estate. Tower Bridge Court is a perfect example of a building that can be sensitively transformed in line with this philosophy.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.