AXA Investment Managers and BlackRock Real Estate, acting on behalf of their clients in a 50:50 joint venture, announce the completion of the sale in the region of £220 million of 6 Bevis Marks in London to a private client of Citi Private Bank.
AXA IM - Real Assets and BlackRock Real Estate bought 6 Bevis Marks as a development opportunity in 2011 and commenced construction with no pre-let tenants.
The building completed in 2014 and is currently almost fully let with a weighted average unexpired lease term of over 10 years.
6 Bevis Marks now represents a trophy office asset in a prime central City of London location adjacent to the iconic 30 St Mary Axe. The property comprises 174,550 sqft (16,216 sqm) of high specification office, retail and ancillary accommodation arranged over basement, ground and 15 upper floors, as well as a private roof garden under a signature canopy providing stunning views across the City of London and beyond.
The building has a BREEAM “Excellent” rating and benefits from superb transport links being just 200 metres from Liverpool Street Station, which will be further enhanced by the completion of Crossrail (the Elizabeth Line) in 2018.
The UK remains a key market for AXA IM - Real Assets and since the beginning of 2009, AXA IM - Real Assets has maintained its dominant position within the London market, executing over £6.8 billion (€8.6 billion(2)) of transactions, including the landmark purchase of 22 Bishopsgate on behalf of a consortium of international investors, the launch of a new three-acre office campus in West London, ‘Assembly London’, the acquisition of two Club Quarters hotels and more recently the Asticus Building in Victoria.
Cushman and Wakefield and JLL acted on behalf of the sellers.
Huw Stephens, Head of UK Transactions, AXA IM - Real Assets, commented: “This sale represents a highly successful conclusion to our involvement with 6 Bevis Marks. Having completed this project’s acquisition in 2011, we made the decision to press ahead with a large non pre-let development at a time when there was virtually no new construction being commenced in the City of London. Within three years, we delivered a brand new grade A office building in a prime City location into a market when demand had returned but supply was at historic lows. The building is now almost fully let and we have been able to complete an exit of what is now a trophy asset at an attractive price which provides a strong return for our clients.”
Liam Le Roux of BlackRock’s UK Real Estate business, commented: "The sale of 6 Bevis Marks concludes a very successful joint venture and realises a good return for our investors. Our ability to achieve an attractive price, despite some market uncertainty in the lead up to the UK referendum, speaks volumes for the quality of the building and of its tenants. BlackRock Real Estate has recently completed a number of successful dispositions in the UK, including Moorgate Exchange and Exchange Tower. The UK is an important strategic market and we are actively pursuing new value add opportunities across a number of sectors.”
10/06/2016 10:28 by Buildington
Law firm DAC Beachcroft has agreed terms to take just over 20,000 sq ft at 6 Bevis Marks, at a rent of around £55 per sq ft, reports DeVono.
07/03/2015 09:55 by Buildington
AXA Real Estate Investment Managers has signed a new 15 year lease with leading law firm Browne Jacobson for the top 2 floors of 6 Bevis Marks.
The new lease will see Browne Jacobson, a growing top 60 law firm, relocate its London head office to 6 Bevis Marks, with the high quality office space facilitating its ongoing expansion and presence in the London market. Browne Jacobson will join Trireme Insurance Group, the parent company of insurance brokers Oxford and James Hamden International, formerly known as U.S. Risk (UK) Limited, which moved staff into the second floor in August this year. Several other occupiers are also under offer at the building and further lettings are expected to complete shortly.
6 Bevis Marks is located within walking distance of Liverpool Street station, close to the site of the London Underground and new Crossrail station which is due to open in 2018. Designed with an exceptional level of amenities, the building incorporates a private rooftop garden square, on-site cyclist facilities, a ground floor business lounge and a landscaped courtyard with access to the private area surrounding the Gherkin. In addition to this, the award winning independent bar and restaurant, The Alchemist, opened on the ground floor in August 2014.
The building is BREEAM Excellent rated, the world’s foremost environmental assessment method and rating system for buildings, demonstrating AXA Real Estate’s commitment to sustainable practices.
6 Bevis Marks is AXA Real Estate’s latest completed development in London, adding to the 250 European projects successfully developed over the last 14 years, with a gross development value exceeding €9 billion, and €5 billion of projects currently under management.
Harry Badham, UK Head of Development at AXA Real Estate, commented: “The current activity at 6 Bevis Marks shows the diversity of occupiers which are being attracted to the building, driven by the unique amenities that the building offers. This letting to Browne Jacobson is another example of successfully attracting high quality occupiers to our London development pipeline and creating value for our investors.”
Source: AXA Real Estate www.axa-realestate.com 17.09.2014
17/09/2014 20:31 by Buildington
Coming soon - The Alchemist bar and restaurant at 6 Bevis Marks!
15/07/2014 11:11 by Buildington
AXA Real Estate Investment Managers has announced the completion of its latest development, 6 Bevis Marks. Comprising 160,000 sqft (14,864 sqm) of office and retail space over 15 floors, the property has been developed in a joint venture with BlackRock. The building was officially launched on the 26th June 2014.
The first two tenants are expected to take occupation during August 2014, and there is significant interest in the remaining space from a range of businesses across several sectors.
The award winning independent bar and restaurant, The Alchemist, is due to open their first London venue at 6 Bevis Marks this summer and will run a pop-up bar in the rooftop garden.
Located close to Liverpool Street, where the new Crossrail station is due to open in 2018, the building has been designed with an exceptional level of amenities; in addition to the rooftop garden square, the building incorporates a ground floor business lounge, full on-site cyclist facilities and a private landscaped courtyard with access to the public realm surrounding the Gherkin. The development also features a 26-screen media wall in the reception, which is being used to host the Vivid Digital arts programme – a commission of young filmmaking talent supported by the developer.
The building is BREEAM Excellent rated, the world’s foremost environmental assessment method and rating system for buildings, demonstrating AXA Real Estate’s core belief in sustainable practices.
Over the last 14 years, AXA Real Estate has successfully developed over 250 projects in six European countries with a gross development value exceeding €9 billion, and currently has €5 billion of projects under management. In London, the projects include 400,000 sqft (37,161 sqm) Kings Cross office development, ‘Sixty London’, a 210,000 sqft (19,510 sqm) prime City of London Grade A office development and its 60,000 sqft (5,574 sqm) One St Paul’s development.
Harry Badham, Head of UK Development at AXA Real Estate, commented: “6 Bevis Marks is a unique property within the City of London for the level and scope of amenities on offer. It is being delivered to the market at a time when the City has evolved as a business location, due to both the relative value of space but also the level of investment in regeneration that has vastly improved the local amenities and environment for staff.”
Source: AXA Real Estate www.axa-realestate.com 10.07.2014
10/07/2014 23:31 by Buildington
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