JP Morgan and New York-based private equity real estate firm the O'Connor Group are to bring the Cutlers Gardens office estate to the market with a price tag of more than £400m
The fund manager, which is now weeks away from confirming the signing of luxury Italian fashion brand Missoni at the 609,000 sq ft (56,577 sq m) office complex, is understood to want to take advantage of the exceptionally strong office investment market in the City of London. BH2 is advising.
Cutlers Gardens was one of the most high-profile office developments of the 1980s and a precursor to nearby Broadgate. It was originally developed by Sir Stuart lipton and Greycoat in 1982 with funding by Standard Life. The estate comprises 10 buildings around two central courtyards.
The O'Connor Group and JP Morgan plan to reconfigure the broader estate as part of the hotel development.
The O'Connor Group and JP Morgan acquired the Cutlers Gardens estate, which is located on Devonshire Square, opposite Broadgate and Liverpool Street station, from Standard Life in 2001 for £300m.