New York-based investor Abraham Schwartz has completed the £97m purchase of 1 Portsoken Street, E1, a City block with consent for the 400,000 sq ft “Butterfly” building.
As tipped by EG in November last year, the private investor acquired the Lloyds Chambers building from Portsoken Investment – a joint venture between Chinese conglomerate Fosun, former US secretary of the treasury John Snow, chairman of Silverfin Development Mike Ryan, and James Lapushner, the former head of Morgan Stanley Real Estate’s investing business in Germany and the founder of Anacott Capital.
Commenting on the deal, Ryan said: “We are pleased for the new purchasers and all the people who were involved in the project were very happy.”
Schwartz will not bring forward plans for the SPPARC Architecture-designed “Butterfly” building and will instead carry out a refurbishment of the existing 193,450 sq ft block.
The deal represent Schwartz’s largest property investment in the City of London to date. In 2015, he acquired 1 Alie Street, E1, from the City of London Corporation for £52.5m.
All leases at 1 Portsoken Street are due to expire in summer 2018.
Portsoken Investment bought the 193,450 sq ft building in 2013 for £64.5m.
Gryphon Property Partners advised the vendors; Noble Harris and Harris Associates represented the purchaser.
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