In what is seen as a post referendum boost for the commercial property sector in London, Wells Fargo is acquiring 33 Central from international real estate developer HB Reavis. The Wall Street Journal, quoting sources close to the transaction, reports the deal to be worth in the region of £300m making it one of the largest single office deals in the City of London this year. Wells Fargo is the third largest bank in the U.S. by assets and is headquartered in San Francisco, California.
Upon completion in Q3 2017, 33 Central will allow Wells Fargo to consolidate all of its London-based team members in a single location. The 21,000 sq m new build is designed by award-winning British architecture practice John Robertson Architects, which worked alongside HB Reavis’ in-house design and technical experts to combine stunning design with state-of-the-art technical solutions. Following the sale, 33 Central will continue to be developed by HB Reavis.
The scheme’s central location also provides strategic transport links to several underground and national rail stations, as well as walking distance to some of London’s major cultural sites such as the Tower of London and Borough Market. Knight Frank and Deloitte were agents for 33 Central, and CBRE advised Wells Fargo.
