Stanhope Plc has purchased the Building 7, a Grade A office building at Chiswick Park in London from funds managed by Blackstone, the U.S. private equity firm, for £310 million. The seller was advised by Knight Frank and JLL.
Stanhope, the original developer of Chiswick Park, bought the 335,000 sq ft Grade A office building with the backing of existing private clients. The asset is 95% let to blue chip covenants including Pernod Ricard, Starbucks and British American Tobacco.
Blackstone acquired Chiswick Park from the Chiswick Park Unit Trust in March 2011 for £480m.
Stanhope was the original developer of Chiswick Park which was the first office development in London to embrace the idea that people are more important than bricks and mortar. Stretching over 12 buildings in a 33 acre site,situated around a central pedestrian space made up of a lake, landscaping and open-air performance area, the development established a people-centric destination where individuals and businesses could exchange ideas and embrace new ways of working.
