LONDON – September 21, 2018
Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, today announced the sale of Verde SW1, a world-class mixed-use property in London’s West End, to Deka Immobilien for an undisclosed amount.
Tishman Speyer acquired the building from LandSec in 2012 in a joint venture with the Public Sector Pension Investment Board of Canada (PSP Investments). It obtained planning permission for an extension of the property from 258,000 square feet to nearly 320,000 square feet.
Today, Verde SW1 comprises 318,000 rentable square feet spread over 10 office floors, five of which have their own roof terraces, prime street-level retail, and a large communal roof terrace for the whole building. Verde SW1 was developed to the highest environmental and sustainability standards and designed to create an efficient space for businesses to thrive and a harmonious environment for employees to enjoy top-of-the-line amenities. It is strategically located in the centre of London’s West End and is within 100 metres of a new entrance to Victoria Station, one of London’s busiest transportation hubs.
The redevelopment was completed in January 2017, by which time it was already 65% pre-let with the remainder of the building being successfully leased in the following 12 months. Tenants include PA Consulting, Oaktree Capital Management, TP ICAP, Pret A Manger, Mirabaud, Carwow, and RWC Partners, as well as a large Waitrose supermarket. The best-in-class and innovative cycling facilities are run by H2, who also operate a gym in the basement.
Verde SW1 won the award for Best Office Architecture (London) and Office Development (UK) at the 2017-2018 UK Property Awards last October. It also won the Office Agents Society’s Best West End Refurbishment/Regeneration award in June 2018.
“This is a prime example of how Tishman Speyer can take a previously unloved property and redevelop it to the very highest standards, adding amenity and character, which in turn attracts world-class tenants,” said Dan Nicholson, Managing Director of Tishman Speyer UK. “This sale marks a further milestone for Tishman Speyer in the London office market, a success story which began over 20 years ago. It is also another fine example of our continuing and fruitful global relationship with PSP Investments.”
“The success of Verde SW1 is a true example of PSP Investments’ ability to continually identify emerging sectors and locations early on and execute on tactical and creative business plans alongside our partners,” said Stéphane Jalbert, Managing Director, Real Estate (Europe and Asia Pacific) PSP Investments. “This best-in-class redeveloped site is a true testament to our strong continued partnership with Tishman Speyer and the achievement of a shared vision. Furthermore, we established our European headquarters in Verde SW1 in May 2017, complementing our belief in the property and location.”
Verde SW1 is one of four major property acquisitions or developments for Tishman Speyer in London. The portfolio includes The Point in Paddington, 33 Holborn and The Smithson Plaza in St James’s.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Since 1978, Tishman Speyer has acquired, developed and operated 403 assets with approximately 166 million square feet of commercial and residential space. The total value of Tishman Speyer’s current unrealised portfolio plus total sales volume on realized investments since inception is approximately US$87 billion in total value across the United States, Europe, Latin America and Asia. Signature assets include New York’s Rockefeller Center and Chrysler Center, São Paulo’s Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer currently has projects in different stages of development in Brasilia, Boston, Chengdu, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office property portfolios in Berlin, Chicago and London.
About PSP Investment
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with CAD$153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
For more information, please contact:
+44 20 7333 2431