Wells Fargo invests in London

Wells Fargo invests in London

One of the USA’s largest banks has acquired a new head office in Central London, marking one of the largest single office deals in the City market this year

Wells Fargo, the third largest bank in the USA in terms of assets, has acquired 33 Central from international real estate developer HB Reavis.

Upon completion in Q3 2017, 33 Central, which is HB Reavis’ first London development, will allow Wells Fargo to consolidate all of its London-based team members in a single location.

Features of the new eleven-storey building, constructed to BREEAM Excellent standard, include a double height reception of over 400 sq m and an over 1,000 sq m roof top garden offering panoramic views of London’s most famous landmarks including the Shard, St. Paul’s, the ‘Walkie Talkie’ building and the River Thames.

The scheme’s central location also provides strategic transport links to several underground and national rail stations, as well as walking distance to some of London’s major cultural sites such as the Tower of London and Borough Market.

Marian Herman, chief financial officer of HB Reavis Group, said: “Many have doubted what will happen to the real estate market after the Brexit vote. We see the successful signing of this deal as strong endorsement of the quality of our real estate solutions, as well as the resilience of the HB Reavis business even under seemingly challenging market conditions.

“This divestment, although initially not envisaged given the original strategy to retain and lease, strengthens our balance sheet and will allow us to continue investing in similar high-quality development opportunities in London and elsewhere.”

Knight Frank and Deloitte were agents for 33 Central, and CBRE advised Wells Fargo.

HB Reavis’ London development programme also includes 7,500 sq m of office space at 20 Farringdon street and 7,000 sq m at 61 Southwark.