US-headquartered investor Wells Fargo & Company has completed its purchase of 33 King William Street (formerly known as 33 Central) in the City of London from the international real estate developer HB Reavis.
Financial details were not disclosed, but the price is believed to have been in the region of €337 mln.
The deal for the office development, originally announced in July 2016, marks the first international real estate purchase outside of the US for Wells Fargo. The property will serve as the company’s London headquarters.
'This is a significant milestone for Wells Fargo’s international footprint as it demonstrates our commitment to the UK, which accounts for a large part of our business activity in EMEA,' said Frank Pizzo, regional president, EMEA, Wells Fargo.
'Utilising our new London headquarters as a base, Wells Fargo will be better positioned to continue to serve our customers and efficiently manage our operations in the UK and across the wider region.'
With construction now complete on the new building, Wells Fargo plans to move approximately 1,200 team members, currently based in four locations across the city, into 33 King William Street during the fourth quarter of 2018.
The property was designed by British architecture practice John Robertson Architects. The roof garden offers views of London’s landmarks including the Shard, St. Paul’s, 20 Fenchurch Street and the River Thames. It has been built to BREEAM Excellent standard and provides 225,000 ft2 (20,900 m2) of Grade A office space over 11 floors.
HB Reavis acquired the site in late 2013 and commenced construction in mid-2014. In July 2016, Wells Fargo entered an agreement to purchase 33 King William Street in one of the largest single office deals in the City of London market that year and less than a month after the historical Brexit vote of June 2016.
'The completion of 33 King William Street is an important moment for HB Reavis as the building is our first investment in London and the first of our four London projects to complete,' concluded Radim Rimanek, member of the HB Reavis board.
