Easier Property News - June 20, 2007
Merrill Lynch today announced the sale of its flagship City of London office campus in a transaction worth approximately £480 million.
An affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation, has agreed to purchase Chapterhouse Holdings Limited whose primary asset is the Merrill Lynch Financial Centre (MLFC) at 2 King Edward Street. MLFC is leased by Merrill Lynch for a term of 15 years with renewal rights extending significantly beyond the initial term.
The MLFC was recently created by Merrill Lynch to fit the company’s specific needs. The office building has been constructed to a very high standard and features two of the largest trading floors in Europe, a 150-seat auditorium, a dedicated client centre as well as many amenities for the over 4,000 employees who work in MLFC and other nearby Merrill Lynch offices.
The building has won a number of significant awards, including the 2002 BCO Best Corporate Workplace Award, the 2002 Stone Award for Interiors and the AIA London Chapter Design Award. MLFC has a net lettable area of approximately 550,000 square feet and is located in the City of London, close to St.Paul’s Cathedral, on land previously occupied by the Post Office covering the north side of Newgate Street from King Edward Street to Giltspur Street.
Merrill Lynch was advised by its Real Estate Investment Banking team and Linklaters LLP, while GIC Real Estate was advised by DTZ and Herbert Smith LLP.
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