Wells Fargo has completed a deal to buy and occupy a City of London block under construction in a move that will boost confidence in the Square Mile’s occupier market.
The US bank has agreed to buy 33 Central, 33 King William Street, EC4, from HB Reavis for around £300m. The 227,000 sq ft building, due to complete in Q3 2017, is HB Reavis’s first London development.
From October 2015: Profit rockets at HB Reavis
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Wells Fargo will consolidate all of its London-based team members in a single location.
The disposal is one of the largest owner-occupier deals to be concluded in the City in the current cycle.
Marian Herman, chief financial officer of HB Reavis Group, said: “We see the signing of this deal as an endorsement of the quality of our real estate solutions, as well as the resilience of the HB Reavis business even under seemingly challenging market conditions.”
London’s deputy mayor for business, Rajesh Agrawal, said: “London is the best city in the world in which to do business and this deal is a clear sign of international confidence that it will continue to be so in the future.
“The capital will always be outward-looking and remains extremely well-placed to trade and engage with the rest of the world.”
Knight Frank and Deloitte represented HB Reavis; CBRE advised Wells Fargo.
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