Tishman Speyer Buys 233 KSF London Office

By Barbra Murray, Contributing Editor

London calling. Tishman Speyer acquires its second office property in the U.K. capital in three months with the purchase of The Point, a 232,800-square-foot office building in the Paddington area of the city’s West End. The real estate company snapped up the Class A property from Hermes and WELPUT for £210 million, or approximately $359 million.

A decade can make quite a bit of difference. The Point last traded for $233.9 million in 2004.

Carrying the address of 37 N. Wharf Rd., The Point first opened its doors to tenants in 2002. Today, the 11-story tower is fully occupied by a bevy of tenants including AstraZeneca, British Energy and telecommunications company Orange, which had preleased the building in 2001.

Tishman Speyer has long been fond of London; the company has invested approximately $4.5 billion in assets totaling roughly 5 million square feet over the last 20 years. Most recently, in April, Tishman acquired 33 Holborn, the 328,000-square-foot corporate headquarters of supermarket giant Sainsbury’s.

“We have a very positive long-term view of the London office market and we are continuing to seek both development and acquisition opportunities accordingly,” Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer noted in a prepared statement.