61 Million London Office Space Deal

A deal worth 61 million US dollars, is set to be sealed to acquire office space in London. The office space is located in two London towers that are collectively referred to as London City Centre and marks the second time in just four years that the towers, situated on Dundas and Wellington Street, have changed hands.

“I think it is one of those cases where a company is looking at London as a great place to invest,” says the vice president of CB Richard Ellis, Peter Whatmore. “They see a future in the downtown”.

Whiterock Real Estate Investment is the company that has purchased the two towers from former owners the Redbourne Group, who are based in Montreal. Redbourne paid 50.5 million for the towers back in 2007 and invested in it heavily, succeeding in building up an occupancy rate of around 92 per cent.

The deal will be finalised on Thursday the 15th of July. Two thirds of the towers are occupied by Toronto-Dominion, with the remainder being filled with both law firms and other financial service companies.

The sales representative and vice president for Cushman Wakefield, George Kerhoulas, believes the deal shows a great deal of stability in the Grade-A office space market in London. “I think it shows confidence in the office market here,” he asserts. “A-class vacancies have stabilised at just over 9 percent – that is good news.”

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