US-headquartered developer-investor Tishman Speyer is acquiring a 9,615 m2 office and retail building at 100 New Oxford Street in London.

US-headquartered developer-investor Tishman Speyer is acquiring a 9,615 m2 office and retail building at 100 New Oxford Street in London.

The transaction is expected to close during the first half of 2015, and will be the firm’s third central London acquisition in recent months. It follows the 2014 purchases of the Sainsbury’s headquarters at 33 Holborn and The Point office building in Paddington.

100 New Oxford Street is being acquired from Hermes Investment Management and Canada Pension Plan Investment Board for an undisclosed amount.

The property is close to the Tottenham Court Road underground station which will, in 2018, feature Crossrail access, and includes six floors of modern office space and ground level retail. The current owners have refurbished the upper four floors and will finish the retail level and remaining office floors before the transaction is completed. The asset is currently 50% leased.

'Demand for first-class office space in the world’s great cities continues to grow,' said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. 'We endeavor to meet that demand via ground-up development and selective acquisitions of existing properties. We continue to have a very positive long-term view of the London office market and look forward to the possibility of expanding our presence further.'

Dan Nicholson, who heads Tishman Speyer’s UK platform, added, 'With the recent and current renovations, this property will offer an excellent option for tenants seeking superior space in a prime location.'

Hermes and CPPIB have owned the asset on a 50-50 basis since the launch of their joint venture in July 2013. At the time CPPIB invested £174 mln (€202 mln) to acquire a 50% interest in a core-plus/value-add portfolio comprising 51,000 m2 of offices, retail and ancillary accommodation.