Blackstone has completed the sale of the iconic Adelphi building to Amancio Ortega for around £550m – a 4.5% yield.
Ortega, one of the world’s richest men, bought the 330,000 sq ft office building at 1-11 John Adam Street, WC2, through his investment vehicle Pontegadea.
Although Eastdil Secured and Knight Frank were appointed by Blackstone to sell the building in April for £600m at a yield close to 4%, the agreed price still reflects the largest sale in the West End this year.
Adelphi is fully let and its largest tenant is online music giant Spotify, which leased 104,133 sq ft last summer. Other tenants include Condé Nast, the Economist, Finsbury, PetroChina, A T Kearney and Shiseido.
Ortega owns a substantial property portfolio through Pontegadea, having purchased the Apple store in Glasgow for more than £48m last year.
Watch a tour of the Adelphi building
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