Quantum Global Real Estate and LaSalle buy office building in Mayfair, London
Quantum Global Real Estate and LaSalle Investment Management’s joint venture, Plaza Global Real Estate Partners, has bought the prestigious 23 Savile Row, Mayfair.
This is the first acquisition Plaza has made since inception earlier in the year, investing in large real estate assets around the globe. With leverage, Plaza has USD1bn gross of initial buying power.
23 Savile Row is a trophy property which was developed in 2009. It is a freehold office building comprising nearly 103,000 square feet with floor to ceiling glazed façades on three sides. The property has received numerous awards, including West End Development of the Year at the Office Development Awards (2009). The space is let to a high-end gallery on the ground floor and several financial companies in the six floors above.
Jeff Jacobson, chief executive of LaSalle, says: “When we launched Plaza, it was with a view to targeting quality long-term investments located in major mature real estate markets around the world. We have been looking at predominantly core assets, and are thrilled that 23 Savile Row is our first acquisition and absolutely meets our expectations for the portfolio.”
Jean-Claude Bastos de Morais, owner of Quantum Global, adds: “It is very rare for freehold properties of such outstanding quality to come to the market in this location. We are very excited by the future prospects for both the building and the joint venture.”
- How to set up a hedge fund