£175m West End office deal completes
The largest office sale in the West End of London since 2007 completed this week, with the purchase for about £175m of Art Deco building Victoria House on Bloomsbury Square by Lebanese Group M1 Real Estate from Ireland-based commercial property investors Moritz Group.
Jones Lang Lasalle, which advised M1 Real Estate, said its client had secured the deal ahead of 10 other institutional bidders – indicating the market’s attractiveness to this type of buyer.
The purchase of the 300,000 sq ft office, retail and leisure investment is the latest deal to be struck by M1 Real Estate – it has also recently purchased Credit Suisse’s HQ in Canary Wharf. Victoria House is more than 50% let to government-backed tenants, with a weighted average term of 9.5 years. CB Richard Ellis advised Moritz Group on the deal.
