Transactions - JUNE 30, 2015

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CalSTRS buys London office

by Andrea Waitrovich

LaSalle Investment Management, on behalf of California State Teachers' Retirement System, has purchased the office property located at 60 London Wall in the City of London for £197 million ($301 million). The seller was German fund manager DFH Deutsche Fonds Holding.

The new owners plan to renovate the office with a two-floor extension.

Deutsche Fonds Holding acquired the private funds management business of IVG Immobilien AG in 2014, which included this asset. IVG Immobilien AG acquired the office in 2006 for $381.1 million.

60 London Wall totals 257,000 square feet, spanned across five stories. It is 100 percent occupied by ING Barings with a lease until 2016.

The property, constructed in 1991, is located at the heart of London’s banking quarter within a five-minute walk of Moorgate, Liverpool Street and Bank Stations.

LaSalle was advised by Everton Phillips. Deutsche Fonds Holding was advised by JLL and CBRE.

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