Tishman Speyer sells £180m West End London asset to Thor and AEW

Tishman Speyer has sold a £180m (€199m) London office and retail building to Thor Equities and AEW, two and a half years after acquiring it from Hermes Real Estate and Canada Pension Plan Investment Board.

The 106,404sqft building at 100 New Oxford Street was sold after being refurbished and brought to full occupancy.

The mixed-use asset, close to the Crossrail development at Tottenham Court Road station, will be owned in joint venture by New York-headquartered Thor and two German investors, advised by AEW.

Tishman bought the building in 2015 with a vacancy rate of 47%. It refurbished the office and lobby and brought in new tenants.

Office tenants include WME Entertainment, Space Ape and Stanhope. The retail space is let to Shake Shack, Jessops and All Bar One.

Dan Nicholson, managing director and head of Tishman Speyer UK, said: “This is another example of how Tishman Speyer can add value to a property through active asset management, and through attracting world-class tenants.

“This sale marks another chapter of Tishman Speyer’s successful history in the London office market, which began over 20 years ago.”

Joseph Sitt, CEO of Thor Equities, said: “100 New Oxford Street is a prime asset located in one of the most desirable districts in London for office and retail properties, and with the opening of the nearby Crossrail Tottenham Court Road station, demand for space in the area will only continue to grow.

“Thor remains strongly committed to London as a key global market, and we have proven to be able to continue to extract value from assets in the City and other key markets throughout Europe.”

Rob Wilkinson, European CEO at AEW, said: “100 New Oxford Street is an exceptional property in an area that is benefitting from major investment and improvement, including the most significant infrastructure project in Central London for over a century.

“As such the property represents a compelling opportunity and a great introduction to the London market for our German clients who we are very pleased to bring to the UK capital.

“The asset is further augmented by the numerous residential and commercial development projects in the vicinity of the asset which are enhancing the area’s potential, boosting business and improving public spaces.”