One of the USA’s biggest banks, Wells Fargo, has invested in London with the acquisition of a new head office in the centre of the capital, one of the biggest single office deals this year in the London market.
The USA’s third biggest bank in terms of assets, Wells Fargo has acquired 33 Central from HB Reavis, an international real estate developer.
Once completed in the third quarter of 2017, which is HB Reavis’ first development in the capital, this will allow Wells Fargo to consolidate all of its team members based in London in one fixed location.
The site will be constructed to BREEAM Excellent standard and among the features of the new eleven storey building is a double height reception of more than 400 sq m along with a roof top garden of over 1,000 sq ft which offers panoramic views of some of the capital’s most famous landmarks, including the River Thames, the ‘Walkie Talkie’ building, St Paul’s and the Shard.
The central location of the project also provides good transport links to a number of the city’s underground stations as well as national rail stations, along with being within walking distance to some of the major cultural sites in London such as Borough Market and the Tower of London.
HB Reavis Group’s Chief Financial Officer, Marian Herman, said that although many have doubted the effects of the Brexit vote on the real estate market, the company sees the signing of this deal as a strong endorsement of the quality of the firm’s real state solutions.
Herman commented: “This divestment, although initially not envisaged given the original strategy to retain and lease, strengthens our balance sheet and will allow us to continue investing in similar high-quality development opportunities in London and elsewhere.”
Wells Fargo was advised by CBRE for the purchase of 33 Central, while Knight Frank and Deloitte acted as agents.