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A Japanese real estate investment outfit has successfully bid to buy one of the most wanted office buildings in London.
Mitsubishi Estate Company (MEC) is to pay GBP 33 million for 150 Leadenhall Street, currently owned by Japanese insurer Tokio Marine. It is thought that there were over 20 separate bids for the building.
Currently the building has 57,000 square feet of office space, though could be renovated and expanded to eventually to offer 80,000 square feet. MEC plan on redeveloping the building after the leases of Tokio Marine and Deutsche Bank run out.
A press release from the company stated: “The square-shaped and column-free floors make it possible for the property to provide the elements for a business environment that promises comfort and productivity.”
The building is in the vicinity of both the Cheesegrater and the Pinnacle.
Originally the agents in charge of the sale, CBRE, had marketed the building at GBP 25 million, but the numerous bids pushed the price up.
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.”
Founded in 1937, MEC is now the second-largest real estate developer in Japan. It is involved in property management and architectural research and design.
In 1989 the company bought out the Rockefeller Group in New York and took acquisition of the Rockefeller Center.
MEC also owns Japan’s tallest building, the Yokohama Landmark Tower, plus the Sanno Park Tower and the Marunouchi Building.