US private investment firm Starwood Capital Group Global has confirmed that funds it manages have purchased the City Tower building in the City of London from Prupim. Financial details were not disclosed. The building at 40 Basinghall Street consists of 13,200 m[sup]2[/sup] over 21 floors, and houses some 40 tenants.
US private investment firm Starwood Capital Group Global has confirmed that funds it manages have purchased the City Tower building in the City of London from Prupim. Financial details were not disclosed. The building at 40 Basinghall Street consists of 13,200 m2 over 21 floors, and houses some 40 tenants.
Starwood also confirmed that it has appointed Cushman & Wakefield to act as Leasing Agent and Asset Manager for the building.
Sean Arnold, Head of European Acquisitions for Starwood said 'While staying patient and selective, we are starting to see the types of value opportunities that have not existed here for many years. City Tower is a good example: a prominent tower building in a core City location, purchased at a substantial discount to today’s replacement cost and at an attractive initial cash yield, with multiple ways to drive the building's value as and when the City market recovers.'
James Young, Head of Cushman & Wakefield’s City Office, commented: 'We look forward to working with Starwood to help enhance their capital asset value in City Tower and to re-establish the property as one of the leading multi-let tower buildings in central London'.
Gresham Down and BH2 acted for Starwood in the purchase of the building, and King Sturge acted for Prupim.
