Joint venture purchase of London office space

Office design news from Morgan Lovell

Published on 10-08-2010

Hammerson and Canada Pension Plan Investment Board (CPPIB) have acquired a long-term lease hold of 10 Gresham Street in the City of London.

The pair paid £183 million - including costs of £8 million - for the property, which offers 260,000 sq ft of office design space for tenants, with the ongoing principle occupier of the building being Lloyds TSB.

Other companies currently residing at the premises include Milbank Tweed Hadley & McCloy and JC Flowers.

Chief executive of Hammerson David Atkins said: "We are very pleased to again be partnering with CPPIB. This acquisition is in line with our strategy to capitalise on attractive opportunities in the London office market."

Meanwhile, a recent report by CB Richard Ellis showed that the north-west has seen particularly strong levels of investment over the first half of the year.

It revealed that the largest single transaction was the £180 million purchase of 3 Hardman Street, Manchester. So far this year, £316.7 million has been invested at numerous projects across the region.

Posted by Adrian Norman