Simon and David Reuben’s Motcomb Estates has finalised a deal to buy Millbank Tower for around £120m.
As tipped on EGi last month, the Reuben brothers have bought the 350,000 sq ft (32,515 sq m) former Labour party headquarters, in London, from Tishman Speyer Properties.
Estates Gazette revealed in June that Tishman Speyer planned to sell the building and had instructed Jones Lang LaSalle to market it.
The price tag reflects an initial yield of 6.5%, which is estimated to rise to 8%.
EGi News 03/12/02
