A Middle Eastern investor is closing in on a £60 million deal to buy the Shoreditch head office of a New York digital advertising agency.
Sources told the Evening Standard the private buyer has shrugged off Brexit jitters in the London office market to buy the 99 Clifton Street office from UBS’s Triton property fund.
The building is home to R/GA, which has Nike, O2 and McDonald’s as clients. For UBS, advised by agent TT&G Partners, the sale should represent a healthy profit, five years after it bought the building for £38 million.
All parties declined to comment on the deal.
Michael Ferris, a director at JR Capital which invests on behalf of UAE clients, said: “Middle Eastern buyers are bullish on London and expect to see an uptick in the market when the position on Brexit becomes a little clearer.”
The new transaction will be a welcome boost to the capital’s offices sector, which is grappling with buyer nerves surrounding what rents and tenant demand will look like when Britain departs the EU.
