“Our strategy has been to position our European portfolio, especially office, into two European cities, Paris and London,” said Ivanhoé Cambridge VP of public affairs and media relations Sébastien Théberge.
“So this is in line with our strategy to grow critical mass in London of high-quality assets. There’s a lot of capital in the world of real estate right now and finding high-quality assets is a challenge, so we’re very happy with this acquisition.”
The 275,000-square-foot neo-gothic building at 3 Minster Court is in a historic business district that’s one of the most sought-after office markets in London. Ivanhoé Cambridge believes it can add value to the property over time.
The building’s exterior was designed by GMW Partnership and the interior was designed by YRM Partnership. It was purpose-built to provide space for brokers to do business with underwriters from some of the world’s leading insurance and reinsurance companies. It opened in October 1993.
The property is leased to London Underwriting Centre and houses several companies as well as the International Underwriting Association, the industry’s trade association.
The 10-storey building claims to have the world’s tallest freestanding escalator system within its circular atrium. It incorporates a canopied courtyard and its offices offer views of Tower Bridge, The Tower of London and the Thames River.