The International Quarter building sold for £245million
PUBLISHED: 12:00 10 January 2016
Legal and General has added its name to the list of companies involved in The International Quarter after buying 265,000 sq ft of commercial space.
The company has bought the Transport for London building, which is set to house 3,000 employees from autumn 2017.
Legal and General’s acquisition of the property, which is still in the early construction stage, will see them make payments up to a total of around £245million.
The delivery of the building will continue to be managed by Lendlease and LCR.
Situated at the gateway to Queen Elizabeth Olympic Park, The International Quarter features two blocks of flats in addition to office space that is expected to bring 25,000 new jobs to the area within the next decade.
The Financial Conduct Authority has alredy committed to moving its headquarters and 3,800 employees to another of the buildings, with discussions ongoing about further commercial tenancies.
Dan Labbad, the CEO of international operations at Lendlease, said: “The announcement illustrates the confidence the investment market has in this approach and the opportunity presented by The International Quarter, London’s fourth major business district.
“This is a fantastic example of how the Olympic legacy continues to bring lasting prosperity and employment opportunities to east London.”
Gordon Aitchison, director of investment and development at Legal and General Property, added: “Stratford is already one of the busiest transport hubs in the capital and the property forms the first exciting phase of Lendlease and LCR’s International Quarter development.”