Quantum Global Real Estate and LaSalle Investment Management have completed their purchase of 23 Savile Row, Mayfair, W1 as tipped by Estates Gazette.
The joint venture, named Plaza Global Real Estate Partners, completed the purchase of the 103,000 sq ft trophy from D2 for around £210m, reflecting a sub 4% yield.
It is the first deal completed by the JV, which is armed with $1bn to spend on global real estate.
The space is let to a high-end gallery on the ground floor and several financial companies in the six floors above.
CBRE was instructed to sell the building for around £200m in March.
LaSalle chief executive Jeff Jacobsen said: “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, added: “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.”
Jack.Sidders@estatesgazette.com
