LaSalle exchanges contracts on Plumtree Court in London

LONDON (August 23, 2018) — LaSalle has exchanged contracts on Plumtree Court, the Goldman Sachs’ European headquarters, on behalf of Korea’s National Pension Service (“NPS”); completion of the acquisition is set to take place in January 2019.

Plumtree Court is a landmark and extremely high-quality building and can be considered ultra-prime. It is very well located in the CBD and in an area which has undergone significant development in recent years attracting a diverse range of global occupiers including Amazon, Deloitte, BAML and JP Morgan. As such, the property has very strong fundamentals in terms of location, quality of build and long income potential.

Scott Kim, the Head of Global Real Estate at National Pension Service said: “This is one of the finest office buildings in London which will be let to an exceptional tenant for 25 years. We are excited to re-enter into London market with this high quality asset which is well-aligned with our defensive strategy and will be an excellent addition to our already strong core portfolio.”

Julian Agnew, CIO for the UK at LaSalle Investment Management, added: “We are very pleased to have acquired this prime asset in one of the best locations in London. Given our long term relationship with the client, we understand their investment priorities and as such are able to match this with assets which will provide long term, stable income return. We have seen continued interest in London for prime assets from overseas investors and our access to the local market, led by Gary Moore and his team, means that we are able to source assets which are in line with their strategy and are driven by long-term themes of demographics, technology, urbanisation and environmental change (DTU+E).” 

Gary Moore, Head of International Accounts at LaSalle Investment Management, said: “This is a high quality asset and a good strategic fit for our client. The acquisition was structured with a bespoke solution that enables us to generate enhanced gross returns from a core asset.”

Plumtree Court is comprised of 826,008 sq ft (76,739 sq m) of the highest specification office and ancillary accommodation arranged over basement, lower ground, mezzanine, ground, upper ground, eight upper workplace floors and a landscaped roof garden. Plumtree Court will be the new European headquarters of Goldman Sachs in London from mid-2019 when it is expected to take occupancy of the premises with a 25 year lease on the building with a break option after 20 years, and the ability for Goldman Sachs to extend the lease beyond the initial term.

LaSalle was advised by JLL on this acquisition.

About the Building

  • The building was designed by an international team of architecture and design firms, including lead architect Kohn Pedersen Fox Associates (who was also responsible for the design of Goldman Sachs’ Peterborough Court office on Fleet Street) 
  • The building is designed to achieve a BREEAM rating of Excellent (BREEAM is an established method of assessing, rating and certifying the sustainability of buildings)
  • Key features of the building include:
    • Eight workplace floors 
    • Two floors of amenities including:
      • Auditorium and Client Conference Centre
      • Internal Conferencing
      • Fitness Centre
      • On-site Health Services and Childcare
    • A large central atrium

About LaSalle Investment Management 

LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $59.5 billion as of Q2 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com

This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.

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