Building bought by owner of Facebook’s European HQ
Developer Derwent London has sold its 40 Chancery Lane building in the heart of London’s legal district to German property firm Deka for £121.3m.
The 103,700 sq ft, eight floor office and retail building, designed by Bennetts Associates, is currently let to French public relations and advertising firm Publicis Groupe.
The City of London development, constructed by Morgan Sindall, was originally due to finish in 2014 but the completion date slipped to the following year.
Others to work on the job included cost consultant Davis Langdon, engineer Arup and structural engineer AKT II.
The scheme won RIBA London and RIBA National awards in 2017.
Derwent chief executive Paul Williams said: “The proceeds [of the sale] will be reinvested into our substantial development programme as well as providing more headroom for new acquisitions and future pipeline projects.”
Schemes Derwent inked with contractors last year included a £58m deal with Skanska to build a new office block called the Featherstone Building near Old Street Roundabout and a £195m deal with Laing O’Rourke for Soho Place, being built above Tottenham Court Road station in London’s West End.
Deka previously acquired Facebook’s European HQ, built by Lendlease and designed by Make, in 2017 from Great Portland Estates.