{"id":1004229314,"date":"2018-05-11T03:08:37","date_gmt":"2018-05-11T11:08:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004229314"},"modified":"2022-12-08T14:06:27","modified_gmt":"2022-12-08T22:06:27","slug":"blackstone-sells-iconic-london-office-for-335m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-iconic-london-office-for-335m\/","title":{"rendered":"Blackstone Sells Iconic London Office for $335M"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Cannon<\/a>

Cannon Bridge House, 25 Dowgate Hill, London<\/p><\/div>\n

Three years after acquiring Cannon Bridge House in London, Blackstone has sold the 286,600-square-foot office property for \u00a3248 million, or approximately $335 million. Blackstone relied on commercial real estate services firms HFF and Savills to secure a buyer for the property at 25 Dowgate Hill, and they found one in a partnership of FG Asset Management, a Korean alternative asset management and financial services firm, and London-based real estate investment manager Valesco Group.<\/p>\n

Blackstone had owned Cannon Bridge House since 2015, when the global private equity and alternative asset management firm purchased the property from Westbrook for \u00a3166 million, or roughly $225 million in today\u2019s dollars. Originally built in 1991 on a 2.5-acre site along the River Thames, Cannon Bridge House sits directly above a busy rail station and consists of two connected buildings: the 91,700-square-foot River Building and the 194,900-square-foot Atrium Building. The River Building, long celebrated for its distinctive one-acre roof terrace, recently emerged from a seeping renovation program. Blackstone felt its work was done at the landmark London office destination.<\/p>\n

\u201cThe sale of Cannon Bridge House concluded the business plan of Blackstone who undertook a significant repositioning of the River Building to create a modern and dynamic office environment that appealed to the tech and media industries, resulting in it being 100 percent preleased to Deliveroo and Kobalt Music Group,\u201d<\/em> Stephen Down, head of Central London investment at Savills, said in a prepared statement.<\/p>\n

Not too big for small deals<\/strong><\/h2>\n

The largest real estate private equity firm in the world, Blackstone is well-known for blockbuster deals like its planned $7.6 billion acquisition of Gramercy Property Trust<\/a> and pending $3 billion purchase<\/a> of Canada\u2019s Pure Industrial REIT. However, the company is not averse to one-offs, investing in high-quality properties and transforming them through value-add initiatives. Blackstone\u2019s lengthy list of value-add dispositions in 2017 includes the sale of the 693,000-square-foot Central Park of Lisle in Chicago for $129 million, four years after acquiring the office campus for $116 million. In London, having repositioned Lacon London, the company sold the 215,000-squrare-foot office building, three years into its ownership.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 286,600-square-foot Cannon Bridge House property, consisting of two linked buildings atop a rail station, has changed owners after a successful renovation and repositioning. <\/p>\n","protected":false},"author":969,"featured_media":1004229320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21742,21747],"tags":[32792,34107,33129],"class_list":["post-1004229314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-latest","category-office","tag-hff","tag-savills","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nBlackstone Sells Iconic London Office for $335M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-iconic-london-office-for-335m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Sells Iconic London Office for $335M\" \/>\n<meta property=\"og:description\" content=\"The 286,600-square-foot Cannon Bridge House property, consisting of two linked buildings atop a rail station, has changed owners after a successful renovation and repositioning.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-iconic-london-office-for-335m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-11T11:08:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:06:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Cannon-Bridge-House-25-Dowgate-Hill-London.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-sells-iconic-london-office-for-335m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-sells-iconic-london-office-for-335m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Blackstone Sells Iconic London Office for $335M\",\"datePublished\":\"2018-05-11T11:08:37+00:00\",\"dateModified\":\"2022-12-08T22:06:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-sells-iconic-london-office-for-335m\\\/\"},\"wordCount\":366,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-sells-iconic-london-office-for-335m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/05\\\/Cannon-Bridge-House-25-Dowgate-Hill-London.jpg\",\"keywords\":[\"HFF\",\"Savills\",\"The Blackstone Group\"],\"articleSection\":[\"Deals\",\"Featured\",\"International\",\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-sells-iconic-london-office-for-335m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-sells-iconic-london-office-for-335m\\\/\",\"name\":\"Blackstone Sells Iconic London Office for $335M - 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