City office asset acquired by Mitsubishi Estates

150 Leadenhall Street under offer to Japanese investment company

Article posted: 10 May 2011

Japanese investor, Mitsubishi Estate Company has fought off tough competition to place under offer for £35m, office space in the City of London at 150 Leadenhall Street, EC3. It is thought that over twenty bids were received for the property which was originally marketed for £25m

The building is the UK headquarters of fellow Japanese company Tokio Marine and is also occupied by Deutsche Bank, both with leases which expire next year.

150 Leadenhall Hall Street currently comprises 57,000 sq ft of office accommodation but has the potential for redevelopment to extend it to 80,000 sq ft.

MEC last invested in London’s office market when it acquired a 50% stake in offices in the West End of London in May 2007. A joint venture with Legal & General Property, Central Saint Giles (pictured) is now enjoying tremendous success as a media hub, with occupants such as Universal Pictures, Mindshare, Specific Media and Burson-Marsteller all having signed up for Grade A office space at the Central London scheme.

Commenting on the acquisition, MEC's new UK managing director, Hiroyuki Arimura said: "This building is particularly attractive to MEC because of its excellent location. This acquisition underlines our commitment to London and the UK market and follows on from the success of our Paternoster Square and Central Saint Giles redevelopments in the City and West End respectively."

Cushman & Wakefield advised MEC.

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Posted by Janet