Real estate developers EDGE and Mitsubishi Estate London Limited have acquired 125 Shaftesbury Avenue, a 180,000sqft office building in the West End of London.

The asset on a 1.2-acre freehold site was previously occupied by WeWork, and the 1980s building will be redeveloped into modern and sustainable workspace.

The price of the transaction was not disclosed, but it has been reported as £150m (€175m). Savills Investment Management and Vestas Investment Management paid £267m in 2018 to buy 125 Shaftesbury Avenue from Almacantar.

Japan’s Mitsubishi Estate London is behind a number of high profile office developments in London, including 8 Bishopsgate, Central Saint Giles and Paternoster Square, while Dutch smart buildings specialist EDGE has a number of office developments in the capital, including EDGE London Bridge and EDGE Shoreditch.

Fons van Dorst, managing director of UK at EDGE, said: “The acquisition of 125 Shaftesbury Avenue demonstrates EDGE’s commitment to delivering best-in-class developments, as well as further proof of the markets’ interest in our vision. We look forward to reviving this iconic site alongside our partners at Mitsubishi Estate London.”

Shinichi Kagitomi, managing director at Mitsubishi Estate London, said: “As long-term believers in the longevity and resilience of London’s office market, we are pleased to have made another acquisition and remain committed to growing our existing pipeline of developments projects across the capital.

“We know that global occupiers still demonstrate strong demand for premium, sustainable and innovative workspaces and that there is pressure on the market to respond with suitable product in order to attract the best businesses.”

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