Guardian HQ in Kings Cross Bought for £235m

It has now been revealed that headquarters of the Guardian and Observer newspapers in Kings Cross has been bought for £235m by German fund manager, Deka Immobilien GmbH.

The business centre, known as Kings Place, is located at 90 York Way, next to the Kings Cross Central redevelopment scheme, above Euston Road. Kings Place was initially purchased in 1999 by Peter Millican and his company Parabola, who since announced the sale of the business centre in October 2011. This off-market deal comes as somewhat of a surprise, as Parabola reportedly chose to postpone the sale of Kings Place in February 2012. However, the £235m price tag represents a profit of 5.6%.

The Guardian began renting 150,000sqft of office space at Kings Place in 2008. The business centre is also home to Network Rail, which is owned by Mr Millican’s property company, Parabola Land.

In addition to this, Kings Place also houses an on-site cafe, bar and restaurant, along with a concert hall and two art galleries which were opened by Millican in 2008 to help promote art within the Kings Cross area. The centre’s stunning views over the canal are also a unique selling point.

The Guardian’s new London headquarters are yet to be revealed, as are the intentions of Deka and what the company will decide to do with their newly acquired office space in Kings Cross.

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