Orchard Street Investment Management has completed the acquisition of London's 27-35 Mortimer Street from Great Portland Estates for €44 mln.
The acquisition was made on behalf of wealth management group St. James’s Place.
The property, which is fully-let, provides approximately 2,000 m2 of office accommodation across four upper floors, and more than 800 m2 of retail space on the ground and basement. Originally developed in 1998, the building was subject to a comprehensive refurbishment of the reception and common parts in 2014.
Orchard Street was advised by CBRE, while the vendor was advised by Michael Elliott.
Harry Buxton, acquisitions manager at Orchard Street, commented: 'Securing this property reflects our strategy of acquiring well-located, mixed-use assets within resilient markets which offer a range of potential asset management initiatives and good prospects for rental growth.'
Established in 2004, in London, Orchard Street Investment Management is a commercial property investment manager focused on the UK market. It has €4.5 bn of assets under management.
