In one of the largest single office deals in the City of London market this year, international real estate developer HB Reavis is selling 33 Central to Wells Fargo, the third largest bank in the U.S. by assets. Upon completion in Q3 2017, 33 Central, which is HB Reavis’ first London development, will allow Wells Fargo to consolidate all of its London-based team members in a single location.
Wells Fargo’s decision to partner with HB Reavis is a great endorsement for us. It validates our vision to deliver truly remarkable, design-led workspaces, carefully tailored for people who work there, live near or visit. We will continue to embed the same quality and cutting-edge solutions that made 33 Central a success in our other existing and future projects.
Many have doubted what will happen to the real estate market after the Brexit vote. We see the successful signing of this deal as strong endorsement of the quality of our real estate solutions, as well as the resilience of the HB Reavis business even under seemingly challenging market conditions. This divestment, although initially not envisaged given the original strategy to retain and lease, strengthens our balance sheet and will allow us to continue investing in similar high-quality development opportunities in London and elsewhere.