A joint venture between real estate private equity funds managed by affiliates of Ares Management Corporation and London-based real estate group Black Mountain Partners has acquired 68 King William Street, the iconic office and retail building in the City of London.
The 11-story office and retail building is located at the head of London Bridge and was often referred to as “the gateway to the city.”
Located directly above Monument station and in one of the busiest pockets of the Square Mile, it is currently home to a diverse mix of office, food and beverage, and retail tenants.
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“This acquisition of 68 King William Street fits Ares’ long-standing investment strategy of implementing hands-on value creation initiatives for well-located assets in major city centres. By partnering with Black Mountain Partners on this unique office and retail opportunity that includes a very strong tenant base, we believe we can drive improvements that will further add value and establish the building’s long-term success,” said John Ruane, Partner in the Ares Real Estate Group.
“The acquisition of an asset of this stature and profile is a signal of our intent. London’s extensive infrastructure, deep talent pool and world-class lifestyle and cultural offering will always ensure it is a compelling place to live and do business. Any short-term turbulence will pass. With tenants such as The Wolseley, Spaces and Pure Gym, we will provide a unique complement that will make 68 King William Street one of the most sought-after locations in London,” said Oliver Corlette, CEO of Black Mountain Partners.
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