Chinese insurance firm buys London office
China Life Insurance is under contract to purchase a 50 percent interest in 99 Bishopsgate, located in the City of London financial district, for £170 million ($261 million). The seller is Brookfield Property Partners, which purchased the CBD office in 2012 as part of a portfolio acquisition.
The property has a total value of £340 million ($522 million).
The London skyscraper is 341 feet tall, totaling 35 office floors. The original core and steelwork was completed in 1976 and was renovated in 2012. Major tenants include Latham Watkins, Deutsche Bank, Charles River, Korea Development Bank and i2 Business Centre.
The acquisition follows the insurance company’s investment in Tishman Speyer’s prime waterfront site at Pier 4 in Boston’s Seaport Distri