{"id":1004178027,"date":"2017-05-25T03:05:08","date_gmt":"2017-05-25T11:05:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004178027"},"modified":"2022-12-08T12:31:19","modified_gmt":"2022-12-08T20:31:19","slug":"axa-to-sell-390m-london-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/axa-to-sell-390m-london-office-asset\/","title":{"rendered":"NorthStar, CRL to Buy $390M London Office Asset"},"content":{"rendered":"<p><em>By Bogdan Odagescu<\/em><\/p>\n<p>A joint venture between office REIT NorthStar Realty Europe Corp. and property developer China Resources Land (CRL) is buying\u00a020 Gresham St., a trophy office building located in the heart of London. AXA Investment Managers is selling the property for roughly \u00a3300 million ($390 million).\u00a0This marks CRL\u2019s first foray into European real estate. NorthStar is investing approximately $34 million in preferred equity for the transaction. Cushman &amp; Wakefield was hired to assist AXA with the sale back in February.\u00a0Daniel Norris and Derek Meilman of international law firm Hogan Lovells\u00a0advised on the joint venture and acquisition.<\/p>\n<p>Located at the corner of Gresham and Milk streets, midway between Saint Paul\u2019s Cathedral and the Bank of England, 20 Gresham St. encompasses 242,807 square feet of office space across\u00a0seven of the building&#8217;s eight floors. The building is situated just north of the Thames, within a 10-minute walk of several important subway and train stations, including Bank and Cannon Street.<\/p>\n<p>Completed in 2008, the building was designed by Kohn Pedersen Fox, an international architecture firm behind many high-profile projects including New York\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-yards-to-have-big-impact-on-nyc-economy\/\">Hudson Yards<\/a> and 5 Times Square, 101 Federal St. in Boston, the Minneapolis Lincoln Center and <a href=\"https:\/\/www.commercialsearch.com\/news\/manulife-allianz-to-invest-up-to-1b-in-u-s-cre\/\">191 N. Wacker<\/a> Drive in Chicago.<\/p>\n<p><em>\u201cTwenty Gresham St. is a highly desirable building with a prime location in London, and we feel confident there is significant opportunity to add value and drive strong returns through a number of pro-active initiatives,&#8221;<\/em> said Mahbod Nia, CEO of NorthStar Realty Europe, in prepared remarks.<\/p>\n<p>The building is fully leased, with a tenant roster including financial services companies Sacker &amp; Partners, TLT, ICBC Standard Bank and TSB Bank. According to NorthStar, current average rents at the property\u00a0are well below market rents for similar office properties in the area.<\/p>\n<p><em>Images courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The eight-story trophy building located midway between Saint Paul\u2019s Cathedral and Bank of England marks China Resources Land\u2019s first real estate investment in Europe. <\/p>\n","protected":false},"author":740,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,16,21783,21742,21747],"tags":[35298,34908,33717,33284],"class_list":["post-1004178027","post","type-post","status-publish","format-standard","hentry","category-deals","category-international","category-investment","category-latest","category-office","tag-axa-real-estate-investment-managers","tag-cushman-wakefeld","tag-kohn-pedersen-fox","tag-northstar-realty-finance-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He joined CPE and MHN in 2016, as associate editor. Bogdan coordinates news writing and editing work for the two publications, among others. 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