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Hannah Parry
Hannah Parry
  • 1 Minute Read
  • 05th March 2012

US billionaire, Mort Zuckerman, purchases London office block, Drapers Garden, for £285m.

 

It has recently been revealed that Evans Randall, the UK private equity real estate company, is in the process of selling its City of London office block, Drapers Garden, to Mort Zuckerman who runs Boston Properties, a New York real estate investment trust which hopes to get its hands on its first UK property.

Situated on Throgmorton Avenue, Drapers Garden is 16 storeys high and provides around 270,000 square feet of . Close to and , this building provides fantastic office space in the heart of the London financial district. It currently serves as the headquarters for BlackRock, a firm which provides risk management, investment management, and advisory services to investors on a global scale.

Drapers-Garden2The building will be sold to Zuckerman for approximately £285m which sees an increase from the £242.5m which Evans Randall paid for it less than two years ago. Other companies have previously expressed interest in buying the office block, with Korean pension fund Samsung as well as Kuwaiti property company, St Martins Corporation, both having submitted written applications last year which were rejected by Evans Randall.

Zuckerman, who is also the owner and publisher of New York Daily News, founded Boston Properties in 1970 and now hopes to branch the company’s achievements further into the UK as well as the US, where they are based. This is not the first UK attempt that the company have made, however, as they previously expressed a wish to buy the Goldman Sachs base, situated on for £290m last year.

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