Tishman Speyer has today confirmed its purchase of Sanctuary Buildings in London’s Victoria, which was first revealed by Property Week in June.
It has paid around £175m for the government-let properties located at 14-26 Great Smith Street in London SW1, from clients of Vico Capital.
The 227,000 square-foot building is located in the heart of Westminster, within five minutes walk of the Houses of Parliament and Westminster Abbey.
It is 100 percent leased to the Secretary of State for Communities and Local Government, and is occupied by the Department of Education.
“This is a solid investment for our European Core Fund, which also holds assets in Paris and Munich,” said Tishman Speyer co-chief executives Jerry Speyer and Rob Speyer. “We have a very positive long-term view of the London office market and are pleased that we were able to acquire this well-positioned asset.”
Julian Stocks, managing director and UK head, said: “This property has tremendous assets that will make it a strong performer over the long-term. Its central location, in the heart of Westminster, makes it hugely attractive to a broad range of tenants.”
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