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http://www.propertyweek.com/news/wells-fargo-buys-city-office-for-%C2%A3300m/5084173.article

19/07/2016

Wells Fargo buys City office for £300m

International bank Wells Fargo has acquired HB Reavis’ first London development, 33 Central, for a price of around £300m.

33 Central

Wells Fargo will become an owner-occupier of the 227,000 sq ft property when building work completes in Q3 2017, consolidating all of its London-based team members in a single location.

The disposal represents one of the largest owner-occupier deals to be concluded in the City of London market in the current cycle.

HB Reavis’ original strategy for 33 Central was to retain and lease the development, but after being approached by Wells Fargo with an offer to buy, it agreed to forward-sell the firm the shares in its subsidiary which owns the development.

Features of the new eleven-storey building include a double height reception of over 4,300 sq ft and roof top garden offering panoramic views of London.

HB Reavis’ London development programme also includes 83,000 sq ft of office space at 20 Farringdon street and 77,000 sq ft at 61 Southwark.

Radim Rimanek, board member of HB Reavis Group responsible for the UK market, said: “Wells Fargo’s decision to partner with HB Reavis is a great endorsement for us. It validates our vision to deliver truly remarkable, design-led workspaces, carefully tailored for people who work there, live near or visit. We will continue to embed the same quality and cutting-edge solutions that made 33 Central a success in our other existing and future projects.”

Knight Frank and Gerald Eve were agents for 33 Central, and CBRE advised Wells Fargo.



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