Gerald Eve has advised developer HB Reavis on the forward sale of its 33 Central office scheme in the City of London to US bank Wells Fargo.
The sale is one of the square mile’s largest single-office deals of 2016 and a significant vote of confidence in The City’s property market and financial sector prospects following the referendum vote to leave the EU.
Wells Fargo has bought the 227,000 sq ft building – which is currently under construction – occupation in Q3 2018 when work completes, allowing it to consolidate its UK team into a single location. 33 Central is HB Reavis’ first London development, which it has originally intended to retain and lease but opted to sell to Wells Fargo following initial leasing discussions with the bank.
Designed by award-winning John Robertson Architects, 33 Central will provide a number of notable features, including a double-height reception of over 400 sq m and over 10,000 sq ft of rooftop garden space offering panoramic views of London’s most famous landmarks.
Steve Johns, partner at Gerald Eve, said: “As one of the largest owner-occupier deals this cycle, Wells Fargo’s acquisition of 33 Central is a considerable boost to The City’s occupational and investment markets. There has been much post-referendum debate as to how these markets will be affected by Brexit, but this deal gives reason for confidence in the square mile’s ability to continue as one of the world’s leading financial centres.”
Radim Rimanek, board member of HB Reavis Group responsible for the UK market, added: “Wells Fargo’s decision to partner with HB Reavis is a great endorsement for us. It validates our vision to deliver truly remarkable, design-led workspaces, carefully tailored for people who work there, live near or visit. We will continue to embed the same quality and cutting-edge solutions that made 33 Central a success in our other existing and future projects.”
HB Reavis’ London development programme also includes 83,000 sq ft of office space at 20 Farringdon Street and 77,000 sq ft at 61 Southwark.