Tishman Speyer Buys 50 Pall Mall: The London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
Tishman Speyer has completed the off-market acquisition of Grade A office property 50 Pall Mall in St James’s, London.
50 Pall Mall, which is 87% let, comprises 34K SF of office space across nine floors, with regular rectangular floor plates averaging approximately 4K SF. It was constructed in 1913 and was redeveloped in 1997 while retaining its carved Portland stone facade. It was refurbished to Grade A standard in 2006.
Tishman Speyer said it plans to undertake a full refurbishment to modernise the building, including upgrading its environmental, social and corporate governance credentials and enhancing amenities from lobby improvements to adding a roof terrace.
The office is the latest acquisition for Tishman Speyer’s London portfolio. In 2025, the firm bought Angel Square, a 188K SF Class-A office building in Islington, and it is leading the transformation of Belvedere SW1, formerly known as Hub Victoria, a 550K SF mixed-use campus.
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CBRE has advised CLI Dartriver, which represents a private family office, on the purchase of the Radisson Blu hotel, Leicester Square, for an undisclosed sum from controlled affiliates of Starwood Capital Group.
The hotel was offered freehold and fronts onto Leicester Square. It comprises 127 rooms, a restaurant and a bar, six meeting rooms and The Skyline Penthouse.
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LRG has acquired Principia Estate and Asset Management, a specialist block management business operating across upmarket residential buildings in prime central London.
Based in Chelsea, Principia manages around 250 buildings and developments, many of which sit within conservation areas, and the acquisition strengthens LRG’s block management division in the Royal Borough of Kensington and Chelsea, the company said.
Principia will continue to operate under its existing name, with its Chelsea office remaining in place.
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Law firm Ashurst has advised Hillcrest Private Equity Real Estate on its acquisition of 60 Great Portland Street, Fitzrovia, and a £100M loan from Birchwood.
The property, previously owned by Nuveen Real Estate, includes 65K SF of offices and 11K SF of retail space.
Hillcrest Private Equity Real Estate is an investment platform with £250M of equity and is backed by an institutional investor to invest in UK private equity real estate opportunities.
FUNDING
CG Real Estate, the real estate division of global alternative asset manager ICG, has held the final close for its second opportunistic real estate strategy, ICG Metropolitan Fund II, which, together with its related vehicles, received €1.4B of commitments.
The fund surpassed its €1B target and received investments from a globally diverse group.
This brings the total amount raised for the Metropolitan fund series to €2.2B since its inception in 2022. Its portfolio comprises approximately 100 institutional-quality assets on long-term, inflation-linked leases in the European industrial and logistics sector.
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Investec Bank has provided £53M of residential investment financing to LRC Group across a series of transactions, supporting the acquisition of three residential assets in Hounslow, Surrey Quays and Bedford.
LRC Group is a private real estate investment and fund management firm, and the group operates approximately 6,800 apartments through three residential funds backed by institutional capital. The portfolio comprises 293 residential units and forms part of LRC Group’s continued expansion across the UK residential sector, the company said.
LEASING
Get Living has revealed the first confirmed retail brands at The Elephant, its £500M new town centre at the Elephant and Castle mixed-use scheme.
Launching in late 2026, The Elephant will be among the largest retail-led town centre openings in Zone 1 in recent years and will include local Latin food market DistriAndina and health-focused café Jungle Berry.
M&S will open a fresh market-style food store at the location, Brooklyn-based brand Blank Street Coffee will open in summer ahead of the main launch, and a new cinema will also open at the site.
The Elephant will also deliver 485 rental homes, including 172 affordable homes, alongside 135K SF of shops, dining, wellness and leisure uses, with 55K SF of workspace.
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Logicor has fully leased its largest UK development to supermarket chain Farmfoods, which has signed a 25-year lease for all three spec units at Logicor Park Daventry.
The signing is in addition to the 20-year lease signed with Farmfoods in 2020 for the 262K SF unit in Solihull. Farmfoods will use the three units for frozen and ambient storage, transportation and recycling.
Logicor purchased Logicor Park Daventry in 2021, and the site underwent full reconfiguration from one asset into three totalling 800K SF and achieved a BREEAM Excellent rating.
PEOPLE
Patricia Moore has been appointed managing director for EMEA at Turner & Townsend. Andy Scott will now lead infrastructure and defence in an expanded remit as managing director for both areas of the business.
James Corrigan is moving to the U.S. to step into the role of managing director.
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Valor Real Estate Partners announced nine promotions as it continues to expand its platform in the UK, France, Germany, the Netherlands, Ireland and Italy.
The promotions to senior vice president are Timour Wielemans from Valor’s UK investments team; Will Outram, head of ESG UK in Valor’s asset management team; Miles Muthu, who specialises in real estate finance; and Lianghui Lin, dedicated to financial reporting and operations.
Valor has also promoted Andrew Nally, UK investments, and Adrien Gornard, France asset management, to vice president.
