HFF announces £248M sale of Cannon Bridge House in London
LONDON, ENGLAND – May 9, 2018 – HFF Real Estate Limited (HFF) announces the £248 million sale of Cannon Bridge House, a landmark City of London office asset totaling 286,595 square feet spread across two buildings.
The HFF team represented the seller, Blackstone, in this landmark transaction.
Cannon Bridge House was originally developed in 1991 to provide a total of 286,595 square feet of highly specified office accommodation arranged over basement, ground and six upper floors.
The property comprises two independent, yet interconnected buildings; the Atrium Building to the north, and the River Building to the south. The River Building has recently undergone a comprehensive refurbishment enhancing its warehouse heritage and was pre-let to creative tenants such as Deliveroo and Kobalt Music. The building comprises approximately 91,698 square feet of office and ancillary accommodation and also boasts the City of London’s largest roof terrace of circa 1 acre with spectacular views across London and the River Thames. The Atrium Building comprises 194,897 square feet of office accommodation arranged over first to sixth floors, with escalators providing direct access from the ground floor reception to the atrium base.
Across the two buildings, the property has a WAULT in excess of 10.5 years to expires and a current average passing rent of £46 per square foot with opportunities for income enhancement.
Cannon Bridge House is situated along Upper Thames Street on a 2.5-acre site overlooking the River Thames. The property is directly above Cannon Street Station, which is considered one of London’s busiest rail terminals and is surrounded by a number of significant developments including Bloomberg Place, the new European headquarters of Bloomberg and The Wallbrook Building.
The HFF investment advisory team representing the seller included senior managing director Jamie Pope, managing director John Starkie and senior director Andrew Laing.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.