Tishman Speyer is close to completing an off-market purchase of 100 New Oxford Street, WC1, from a joint venture between Hermes and Canada Pension Plan Investment Board.
The US investor and developer is set to pay around £130m for the partially completed refurbishment project, which is home to advertising agency William Morris and mobile marketing business Weve.
The acquisition of the 103,000 sq ft building is on behalf of Tishman’s Value Add Fund.
The building was one of eight Hermes-owned London properties which seeded the fund manager’s £350m joint venture with CPPIB in July 2013.
Refurbishment of floors three to six has been completed and the majority of the space has been let, while work on the first and second floors is currently under way.
The scheme is expected to benefit from the redevelopment of nearby Centre Point, WC1, and the opening of Tottenham Court Road Crossrail station in 2018.
Fineman Ross acted for Tishman Speyer; Hermes and CPPIB were not advised.
