CBRE Lands Another Deal in Canary Wharf 5 Churchill Place Sold for £208M
London, 9 December 2009 - CB Richard Ellis’ City Capital Market team is pleased to confirm that it has exchanged contracts to sell Canary Wharf’s long leasehold interests in the Property to 5 Churchill Place LP, a limited partnership owned and controlled by a private investor based in Bermuda, for a gross price of £208 million.
The recently completed building, designed by HOK International Ltd, comprises approximately 29,171sq.m (314,000sq.ft) of office accommodation arranged over twelve office floors. The majority of 5 Churchill Place (10 floors of approximately 24,430sq.m (262,000sq.ft)) is let to J.P.Morgan Markets Limited for a term of 20 years from 11 August 2009 at an annual rent of £10.61 million (£40.50 psf) with a collar of £44.50 per sq ft and £49.50 per sq ft at the first review in 2014. CWG is providing rent support in respect of the two currently unlet floors (approximately 4,831sq.m (52,000sq.ft)) of £2.16 million per annum for a maximum period of 5 years.
This transaction follows the recent sales in Canary Wharf by the team for Credit Suisse of 20 Columbus Courtyard (£155m) and HSBC of 8 Canada Square (£772.5m).