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New York-based investment group Madison International Realty has entered into a deal to acquire 50% of the Houndsditch Estate in the Square Mile of the City of London. The remaining 50% is to be retained by TIAA Henderson Real Estate (TH Real Estate), from whom the 50% stake was bought. TH Real Estate had purchased the estate in two parts, in 2006 and 2009.
It is intended, according to the New York company, that other deals between the two parties will follow, resulting in a new and continuing joint venture investment partnership. The company is targeting not only properties in the UK, but has also entered the market in Norway.
The total value of the estate has been put at £200 million, and the area comprises 326,000 square feet over five properties, including: Cutlers Court; Cutlers Exchange; 117-119 Houndsditch; 120 Houndsditch; and 133 Houndsditch. The properties are 95% let at present, and the purchase will be a strategic one given the proximity to Liverpool Street, which will gain a Crossrail terminus in 2017 as part of the new rail infrastructure.
TH Real Estate will continue to manage the Houndsditch Estate on behalf of both partners, alongside the £1.5 billion of property it manages across London.
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.