Harbor Group International Acquires London Office Tower
LONDON (July 24, 2018) – Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company, along with affiliates of joint venture partner ZC Ronogil, have acquired The Relay Building, a 22-story, mixed use tower located in London, England for £90.75 million or approximately $120 million U.S. dollars based on current exchange rates.
Built in 2014, the property contains 105,996 square feet of office and retail space. The property is fully leased to a diverse group of tenants on long term leases.
“The Relay Building is located in the heart of Aldgate, an internationally renowned tech belt in east London that is experiencing significant growth,” said T. Richard Litton, Jr., President of HGI. “In addition to a strong pipeline of residential development in the immediate area that we believe will drive long term office demand, the Relay Building is immediately proximate to multiple commuter train stations, an important demand driver in the London market. We believe the acquisition provides diversity and attractive risk adjusted value for our investors and we anticipate continuing to pursue actively investment opportunities in the London market.”
The Relay Building is located at 114 Whitechapel High Street in London, Europe’s largest city and one of the most prominent international centers for commerce, technology, education and finance. Aldgate has seen significant development activity in recent years, attracting technology tenants to the area. The submarket has convenient access to major transportation hubs in London with four commuter train lines within minutes of the property.
Major tenants include Blockchain, MindSpace, DXI, Ltd., SmartFocus, General Assembly Limited, Power Leisure Bookmakers, Pret a Manger, and Tesco Stores, Ltd.
HGI has significant ownership experience in the United Kingdom. With the acquisition of The Relay Building, HGI now controls nearly 200,000 square feet of office and retail properties in various London submarkets.
HGI was advised by Burlington Green Partners and Memery Crystal.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at $7.3 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.8 million square feet of commercial properties and approximately 30,000 apartment units. For additional information, please visit www.harborgroupint.com.
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