Investors to buy office building from The Carlyle Group.
JP Morgan offices to be acquired by three investors including Tishman Speyer.
Investors have been competing to purchase the current main offices of financial services firm JP Morgan. A shortlist of three investors has been drawn up and it is expected they will pay around £300 million for the property.
JP Morgan has a long term lease on its office space within the building. However, the company is expected to move earlier than this as it is consolidating some of its staff to several office locations in Canary Wharf later this year. Additionally, the firm recently acquired offices in Blackfrairs from The Carlye Group earlier this year.
The Alban Gate offices compromise of two connected towers that bridge the historic road that runs underneath.
In a joint venture between Samsung Life, Hines and Tishman Speyer, The Brunei Investment Authority are expected to purchase the 410,000 square feet of London office space. The building currently belongs to property company The Carlye Group. The firm purchased the offices last year as part of the White Tower portfolio for around £671 million.
The Carlyle Group are expected to take any profit they make from this transaction and invest it into other offices in the White Tower portfolio. Several of which are in need of renovations. During negotiations GM Real Estate advised The Carlyle Group.