Houndsditch Joint Venture Announced
TIAA Henderson Real Estate has
sold a 50% stake in the “Houndsditch Estate”, EC3 to Madison International
Realty, a US investment group based in New York as a precursor to a new JV
The freehold estate comprises 5
adjoining buildings with 326,000 sq ft of offices on the 1.75 acre plot. The
buildings are currently 95% let but offer potential for a medium term
redevelopment - the latest of several land assemblies in EC3 which could
accommodate a new Tower or “groundscraper” development.
TIAA Henderson acquired the Estate
in two transactions in 2006 and 2009 from the previous owner, The Cutler’s
Newton Perkins is advising TIAA
Henderson in respect of the various EC3 buildings including an intensive asset management role at 52 Leadenhall Street.
This 185,000 sq ft building will shortly undergo a major internal refurbishment
over the next 12 months and Newton Perkins has already successfully negotiated
with some of the existing tenants who wish to remain in the building. However, a number of the
typically 20,000 sq ft floors will become vacant and Newton Perkins is instructed to
market them once all works have been completed (towards the end of 2015).
For further discussion please contact David Alcock or Chris Sutcliffe.
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