FORE buys Tower Bridge offices; ties up with Landid for makeover

By Paul Norman - Friday, July 06, 2018 10:38

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FORE Partnership has bought Tower Bridge Court, a 1990s-built office on the south bank of the Thames by Tower Bridge for £51m and is tying up with Landid to bring forward a refurbishment.

FORE bought the building from West of England, a mutual marine insurance provider which is also the main occupier. Debt financing was provided by ICG Longbow.

FORE said it would work with Landid to create a "highly sustainable, best in class, forward-thinking workspace that meets the needs of occupiers and the wider community". 

FORE describes itself as a "socially responsible, direct co-investing platform for UK and European real estate, backed by a dozen prominent family offices and private investors".

Alongside West of England, the building is sublet to multiple tenants, on leases expiring in July 2019.

Basil Demeroutis, FORE Partnership managing partner, said: “We believe buildings of the future not only need to focus on reducing carbon output, but also must foster creativity and innovation while at the same time bring about a positive community impact. These are all interlinked. With intensifying competitive forces, increased pace of technological disruption, and fast-moving social and demographic changes, we need to re-appraise how people live, work, and interact with different forms of real estate. Tower Bridge Court is a perfect example of a building that can be sensitively transformed in line with this philosophy.”

Chris Hiatt, Landid director, said: “Tower Bridge Court represents a fabulous opportunity to work creatively to add real value. We are very excited to be partnering with FORE to modernise this building right in the heart of London, creating an amenity-rich design-led workspace fit for today’s businesses. FORE’s vision of realising value through creative, hands-on real estate strategies is perfectly aligned with our own approach to delivering sustainable, characterful workspaces.”

Julian Naylor, Managing Director of ICG-Longbow, said: “We are delighted to be partnering with FORE Partnership in the acquisition of Tower Bridge Court and support the vision for transforming this unique building to best in class workplace. The proposed refurbishment and upgrade will ensure it meets the requirements of an ever-evolving real estate environment and futureproofs our assets in a supply constrained market”.

Landid will act as FORE’s development partner on the project. 

Tower Bridge Court comprises five floors, with a basement car park.

Walton International and Richard Susskind acted for FORE Partnership. Savills acted for the vendor.

pnorman@costar.co.uk

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