IN-DEPTH: Tishman Speyer pays $359m for office building in London

Tishman Speyer has acquired The Point, a 232,772-square-foot office building located in the Paddington area of London’s West End.

THE DEAL

The sales price was £210 million, or £892 per square foot ($359.1 million/$1,526 per square foot). The sellers were WELPUT and Hermes. DTZ and Strutt & Parker represented the sellers, which purchased the asset in 2004 for $220.2 million.

“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,” say Tishman Speyer co-CEOs Jerry Speyer and Rob Speyer in a statement. “The Point is an excellent addition to our portfolio.”

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