The Crown Estate has bought 117 Jermyn Street, SW1, for £67m to expand its St James’ estate.
It bought the 60,000 sq ft office with shops from DTZ Investors.
The purchase means it now owns a £1bn-plus portfolio of around 50% of the buildings in St James’.
It has no plans to develop the site.
James Cooksey, director of central London at the Crown Estate, said: “117 Jermyn Street’s prime location will see it benefit from our wider vision to refine and enhance this historic part of London.”
The Crown Estate is investing £500m in the area to improve its office, retail and public realm offering.
This includes St James’s Market, a £400m joint venture between the Crown Estate and Oxford Properties. The development will create seven new restaurants alongside 210,000 sq ft of offices and five flagship stores.
Cushman & Wakefield acted for the Crown Estate; Allsop represented DTZ Investors.
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