Strutt & Parker - Mixed-Use - London, Millbank Tower, office and residential complex
Date: 29 Jul 1998
Tishman Speyer Properties to Acquire Long Leasehold Interest in Millbank Tower
Tishman Speyer Properties has exchanged contracts with Legal and General to purchase the long leasehold interest in Millbank Tower, the 32 storey circa 400,000 sq ft office and residential complex. The landmark property is one of London's tallest towers and overlooks the Thames, the Houses of Parliament and central London. Millbank Tower was designed by Ronald Ward and Partners and was completed in 1963 as Vickers Plc's headquarters. At the time, it was Europe's tallest office building. As reflected by its grade II listing, the property is one of the finest examples of modern architecture in London. Major tenants include Vickers Plc and the Labour Party.
Millbank Tower represents Tishman Speyer's second major acquisition in the West End in 1998, bringing the firm's London portfolio to approximately 600,000 sq ft. The company purchased 10-30 Eastbourne Terrace, a 200,000 sq ft office tower next to Paddington Station, earlier this year. Tishman Speyer Properties, a New York based developer/investor, currently owns and manages a $6 billion international real estate portfolio of approximately 30 million square feet including New York's Rockfeller Center and Chrysler Building. In addition to a wide-ranging US presence, the company maintains European offices in London, Berlin, Frankfurt, Paris and Warsaw and is also established in Sao Paulo, Brazil. Tishman Speyer has been active in Europe for over 10 years. Its European projects include: the 680,000 sq ft MesseTurm in Frankfurt, until recently Europe's tallest office building; the 1.2 million sq ft Sony Centre which is currently under construction in Berlin; and the to-be-developed 1 million sq ft Krakow Centre next to the central rail station in Krakow, Poland. The company is also the leading shareholder in Cogedim, one of France's largest property developers.
The Millbank Tower acquisition will occur through Tishman Speyer/Travelers Real Estate Venture, L.P, a joint venture between Tishman Speyer Properties and the Travelers Group. The $1.5 billion venture was formed in 1997 to acquire and/or develop property internationally. "We are extremely pleased to be purchasing this London landmark," said Michael Spies, Senior Managing Diector of Tishman Speyer Properties' European operations which are based in London. "The Tower is truly a modern masterpiece and we look forward to providing it with special care while restoring it to prominence in London's West End market." Strutt & Parker represented Tishman Speyer, Jones Lang Wootton represented Legal and General .
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