Chiswick Tower Sale Announced
Iconic local building purchased by Hermes Real Estate for £56m
The iconic Chiswick Tower has been sold for £56 million, according to reports today (March 19).
The 18-storey tower, which has been the base for the British Standards Institute (BSI), has been purchased by Hermes Real Estate in what is one of the most significant office deals this year according to reports in the property press.
The 143,000 square foot tower, which is in Gunnersbury, opposite Chiswick Park, has been upgraded recently and managed by Canmoor.
It has been sold by Harbert Management Corporation (HMC) as advisor to Harbert European Real Estate Fund III to Hermes Real estate through a corporation transaction.
Scott O'Donnell, Senior Managing Director of HMC (Europe), said: "With Chiswick Tower we were able to significantly outperform our leasing expectations in terms of rental levels and timing with the building 100% occupied at disposal. This transaction is a good example of where experienced real estate investors can add value to buildings even in a low growth environment".
March 19, 2013