The American real estate firm is continuing to transform itself into an international company.
New York real estate giant Tishman Speyer has just acquired The Point, a 232, 800 square foot office building in the Paddington area of London’s West End for $359 million, from Hermes and WELPUT. This marks the firm’s second acquisition of a London office building in the last three months.
Located at 37 North Wharf Rd., the arrowhead shaped eleven story tall Point Paddington first became available. Its current tenants include AstraZeneca, and British Energy and telecommunications company Orange.
Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a statement that they “have a very positive long-term view of the London office market and we are continuing to seek both development and acquisition opportunities accordingly.”
The Point meets the demands of a commercially demanding brief and sets a distinctive identity for the Paddington regeneration. The HQ building was originally commissioned for Orange Telecommunications and over 2100 of their staff. The building utilizes an atrium and external shading devices, as well as light shelves, to negate passive solar gains while promoting natural daylight.
The building boasts excellent natural light, a 1.5 planning modular grid, 9 foot high ceilings, shower facilities, and displacement air conditioning. Six 17-person elevators, two scenic elevators which also each hold 17, a service elevator, a standby generator and parking.
The Point also provides 35, 529 square feet of refurbished, Grade A office space over four floors. It is located near a rich variety of cafés and bars in Paddington Waterside’s landscaped grounds, and the boutiques and taverns of Little Venice.
It is only a two minute walk from Paddington Station, and a ten minute subway ride away from London’s famed West End.
Just this past April, Tishman Speyer acquired the 328, 000 square foot office building at 33 Holborn in London, which serves as the corporate headquarters of the British supermarket chain Sainsbury’s.
Founded in 1978 by Robert V. Tishman and Jerry I. Speyer, and headquartered in Rockefeller Plaza, Tishman Speyer is a leading owner, developer, operator, and manager of real estate in the world, having managed over 123 million square feet across the United States, Europe, Latin America and Asia.
Jerry I. Speyer, one of the firm’s founders, is the former chairman of the Board of Directors, the Federal Reserve Bank of New York; chairman emeritus of Columbia University; chairman emeritus of the Real Estate Board of New York.