Westbrook Partners has agreed a deal to sell Google’s Victoria offices for around £200m to a San Francisco-based private equity investor making its London debut.
Divco, which is working with London Global and Park Street Advisors, is under offer to buy the long-leasehold interest in the 203,000 sq ft 123 Buckingham Palace Road, SW1.
London Global, which was set up by West End agent Charles Godfrey and former RBS banker Paul Aubrey in 2010, will asset manage the building.
The deal was put together by a handful of other former RBS staff who joined Ellis Short’s Kildare Partners earlier this
year before setting up their own business, Park Street Advisors.
Google occupies just under 80,000 sq ft of the 190,000 sq ft of office space in the building, with PA Consulting and Sky Media among other tenants.
The building has a weighted unexpired lease term of less than five years.
The internet search giant is expected to vacate the building once its revised plans for a new European headquarters at King’s Cross are finalised.
123 Buckingham Palace Road has been on the market for over a year and has been under offer to multiple parties in that time.
It was first brought to market by Westbrook for £185m, reflecting a yield of 5.8%.
Park Street was founded by former RBS head of credit and mortgage markets for Europe and Asia Pradeep Pattem last year, with Christian Matthews, Aki Scholl, Kunal Rajvanshi, Matteo Caruso and Alex Pope.
Savills, Knight Frank and H2SO, which has since been bought by Colliers International, advised Westbrook.
jack.sidders@estatesgazette.com
