The University of Westminster has bought an office block in London’s Marylebone, bolstering its West End presence.
It has bought 19,500 sq ft office building 29 Marylebone Road, NW1, for around £25m in an off-market deal, according to West End sources.
The university could occupy the building from late 2015, when it becomes vacant.
The move will mean the university operates from more than six sites in the capital.
It is the latest London educational establishment to invest in its own premises. In August 2013, the London School of Economics purchased Cancer Research UK’s London Research Institute, WC2, for around £75m, to develop as its Centre for Global Social Sciences.
The deal will mean the University of Westminster avoids hefty rental rises in the area. Colliers International has forecast that prime office rents in Marylebone could jump by 17.6% to £100 per sq ft by 2018.
Aitchison Raffety and VanHan advised the vendor Havana Developments; James Andrew International represented the buyer.
