The Witkoff Group, a New York-based real estate investor, and a subsidiary of London's DCD Group have jointly acquired Devonshire House in London from Land Securities for over £280 mln (EUR 417 mln). The 15,619 m[sup]2[/sup] landmark building is on an island site in Piccadilly between Stratton Street, Berkeley Street and Mayfair Place in London's West End.
The Witkoff Group, a New York-based real estate investor, and a subsidiary of London's DCD Group have jointly acquired Devonshire House in London from Land Securities for over £280 mln (EUR 417 mln). The 15,619 m2 landmark building is on an island site in Piccadilly between Stratton Street, Berkeley Street and Mayfair Place in London's West End.
The property mainly comprises offices with nine retail shops and showrooms on the ground floor. The office tenants include Boston Consulting, Egon Zehnder International, Alliance Bernstein and Bain Capital. Marks & Spencer is key retail tenant. The property provides a total rental income in excess of £11m per annum.
'We have owned Devonshire House since 1955 and during this time Land Securities has been able to create very considerable value for our shareholders through the property's refurbishment and subsequent lettings,' said Mike Hussey, managing director for the London portfolio at Land Securities.
The Witkoff Group re-entered the London market last January after an absence of several years when it jointly acquired the 90 Long Acre property for £175 mln (EUR 259 mln) with the DCD Group.
