Crescent Heights sells Vintners Place for £175m

By James Buckley - Wednesday, September 12, 2018 9:08

Main news image
Crescent Heights has sold its 270,000 sq ft City of London development, Vintners Place on the bank of the Thames in an off-market deal for £175m, CoStar News can reveal.

A joint venture between Goldman Sachs’ real estate principal investing group and Greycoat has completed a deal to purchase the building, which was not being openly marketed.

The deal ends US investor Crescent Heights’ three-year ownership of the asset, which was bought from GreenOak Real Estate in joint venture with Downtown Properties.

Goldman Sachs is no stranger to the building, having provided Crescent Heights with a £130m acquisition facility in 2015, reflecting an 80% loan to value.

The property, at 68 Upper Thames Street, is comprised of Vintners’ Place and Thames House. The main tenant is Jefferies, which occupies 78,000 sq ft on a lease until December 2019.

Goldman Sachs and Greycoat have been active buyers in London this year, having bought Procession House, at 55 Ludgate Hill, EC4, for just under £70m from LGIM Real Assets in June. The office portion of the site, the large majority of the scheme, is currently leased to Goldman Sachs International until September 2024, subject to a break option in September 2019. Other occupants include The Co-operative, TM Lewin & Sons and Elvetham Ltd.

jbuckley@costar.co.uk

Get in Touch
+44 203 205 4600