Alinor Capital Management and Lugus Capital have acquired the 54,000 sq ft Garden House office building in the City of London in partnership with development partner Pillar Development Management for an undisclosed price.
The vacant building, which is located on Throgmorton Avenue, was formerly in use as part of Deutsche Bank’s London Wall campus.
The joint venture partners intend to comprehensively refurbish and reposition the building as a best-in-class office asset featuring amenity-rich workspaces, end-of-trip facilities, terraces and an enhanced reception area. Upon completion, the building is expected to have a GDV of more than £70m.
Alex Mahler, co-founder and partner at Alinor Capital Management, said: “This transaction reflects our continued focus on acquiring high quality real estate assets in resilient urban markets. We see continued demand for best-in-class, well-connected, and sustainable workspaces and look forward to partnering with Lugus and Pillar to transform Garden House and create long-term value for occupiers and investors alike.”
James Ghent, managing partner at Lugus UK, added: “Garden House is an important marker for us as we deliver against our stated ambition to grow our UK investment footprint. It reflects our focus on prime assets in prime locations, where strong occupational demand and structural supply constraints can support high-quality real income for our investors. We are continuing to see opportunities both in London and in Dublin, and are selectively pursuing opportunities to add to our portfolio. We look forward to working with Alinor and Pillar to deliver our first landmark project together in one of London’s most connected and established submarkets.”
Tom Smallbone, director at Pillar Development Management, said: “We are pleased to have kicked off our partnership with Lugus on Garden House and look forward to working with them alongside Alinor to deliver the project.”
Colliers acted for the seller and Savills provided investment advice to the purchasers.
