Edge and Mitsubishi Estate London have acquired the freehold of 125 Shaftesbury Avenue in London’s West End from Vestas Investment Management and Savills Investment Management for a price believed to be in the region of £150m.
The 180,000 sq ft office building, which features retail at ground floor level, was reportedly put up for sale in June with a price tag in the region of £180m.
The 1980s building, which is located just south of Tottenham Court Road tube station, was previously occupied by WeWork, with former tenants also including BT, Yahoo and Meta.
Fons van Dorst, managing director UK at Edge, said: “The need for healthy, sustainable, and smart buildings in accessible and vibrant locations is overdue in London. The acquisition of 125 Shaftesbury Avenue demonstrates Edge’s commitment to delivering best-in-class developments, as well as further proof of the markets’ interest in our vision. We look forward to reviving this iconic site alongside our partners at Mitsubishi Estate London.”
Shinichi Kagitomi, managing director at Mitsubishi Estate London, added: “As long-term believers in the longevity and resilience of London’s office market, we are pleased to have made another acquisition and remain committed to growing our existing pipeline of developments projects across the capital.
“We know that global occupiers still demonstrate strong demand for premium, sustainable and innovative workspaces and that there is pressure on the market to respond with suitable product in order to attract the best businesses. Having seen Edge’s track record in this arena, we are excited to be working alongside them to deliver a flagship new workplace.”
Vestas Investment Management and Savills Investment Management were advised by Savills and CBRE. Ashurst acted as their legal adviser. Edge and Mitsubishi Estate London were advised by JLL and Avison Young. Their legal representative was BCLP.
