Munich-based family office AM Alpha has acquired Labs House, a Grade A office building in London.
Financial details were not disclosed.
AM Alpha was acting on behalf of several investors managed by a pension fund manager based in Hamburg.
The asset was originally constructed in 1928 and newly refurbished in 2019, maintaining the Portland stone and brick facade. The property provides 81,546 ft2 of space arranged across multiple levels, including a lower level, ground floor and nine upper storeys.
The asset is let long-term to a sole tenant, Labs Worldwide.
Said Martin Lemke, managing director at AM Alpha: 'Being one of the main global real estate markets, London is still attractively priced compared to a lot of other gateway cities and therefore remains our focus.
'One of the key reasons for pursuing this long-term income-producing acquisition in London is our conviction that the shared office concept will evolve stronger out of the pandemic as tenants seek more flexibility.
'In this regard, the concept of LabTech is a perfect fit that has also performed strongly during the pandemic. Like for the rest of Europe, we intend to substantially grow our UK portfolio with further investments this year in the major cities across all sectors.'
Labs House is located in Bloomsbury in London’s West End and sits at the convergence of London’s creative districts, surrounded by Fitzrovia, King’s Cross, Soho and Covent Garden. The building occupies a substantial island site in a prime location less than an eight-minute walk from the new Crossrail station (Elizabeth line) at Tottenham Court Road.
AM Alpha was advised on the purchase by CMS Cameron McKenna Nabarro Olswang, Knight Frank, Ernst & Young and Paragon.
