Tishman pays $517m for London office

Tishman Speyer has paid $516.6 million, or $1,565 per square foot, for 33 Holborn Circus, a nine-story office property in London. Savills represented the seller, Union Investment Real Estate. Tishman released an announcement of the acquisition on April 29.

The property serves as the headquarters of Sainsbury’s and is fully leased to the supermarket company through 2026. Sainsbury’s is the second-largest U.K. grocery retailer with more than 1,100 stores.

Completed in 2001, 33 Holborn was designed by Foster & Partners specifically as an international standard headquarters property. It features large floorplates