Witkoff Group and DCD have bought Devonshire House in London’s West End for more than £280m, as tipped by Property Week (news; 23.02.07).
The announcement was made this afternoon by the vendor, Land Securities. The sale comes after two failed attempts by the Abu Dhabi Royal Family to buy the 1920s trophy building last year.
The 186,472 sq ft (15,619 sq m) landmark building overlooks Green Park in Piccadilly and comprises offices and retail on the ground floor.
Tenants include Boston Consulting, Alliance Bernstein and Marks & Spencer. The property provides a total rental income in excess of £11m per annum.
Mike Hussey, head of the London Portfolio at Land Securities, said: ‘We have owned Devonshire House since 1955 and during this time Land Securities
has been able to create very considerable value for our shareholders through the
property's refurbishment and subsequent lettings.
‘The proceeds of the sale will be reinvested in other investment and development projects in London, creating new trophies for the Group.’
Land Securities was advised by Franc Warwick. Witkoff and DCD Group were
advised by CBGA.