12 January 2016
Following last week’s announcement that Legal & General have purchased the TfL Building at The International Quarter in Stratford for c.£245 million, Lendlease today announced the forward purchase of the FCA Building for £370 million by Deutsche Bank.
JLL research shows that at £615 million, the combined sales are the largest commercial office transaction in the United Kingdom in 2015, and one of the largest private sector investments in Stratford and the Queen Elizabeth Olympic Park to date. The FCA lease agreement was itself the largest office leasing deal in London in 2015 (BNPPE research).
Dan Labbad, Chief Executive Officer, International Operations at Lendlease, said: “Lendlease is creating some of the best places around the world. The International Quarter will add to this legacy, providing some of the most agile, healthy and flexible workplaces in Europe. Today’s announcement illustrates the confidence the investment market has in this approach and the opportunity presented by The International Quarter, London’s fourth major business district. This is a fantastic example of how the Olympic legacy continues to bring lasting prosperity and employment opportunities to East London.”
David Joy, Chief Executive of LCR, said: “Today’s announcement unlocks further value from The International Quarter, a major new employment hub in East London. Our partnership with Lendlease will bring 25,000 new jobs to the area by 2025, continuing the transformation of Stratford into one of London’s most vital and vibrant communities.”