Bear Sterns tower sold for £208million
Bear Sterns proposed new home at 5 Churchill Place has been snapped up by a private investor based in Bermuda.
Canary Wharf Group sold its leasehold interest in the building for £208million this morning. The new owner is a limited partnership called 5 Churchill Place LP.
Most of the 12-storey tower is occupied by JP Morgan, who took ten floors in August, when the building was finished.
Bear Sterns had planned to use the premises as its European headquarters but that idea bit the dust when the bank was bought by JP Morgan during last year's financial crisis.
The sale was sweetened with CWG providing rent support of £2.16million a year on the two currently unlet floors for the next five years.
The deal follows the sales of Credit Suisse's 20 Columbus Courtyard premises and HSBC's 8 Canada Square headquarters in recent months, with both leased back by the occupants.
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